2019 Distressed Investing Conference

December 2, 2019

​2019 Conference Agenda

 7:30 a.m.
Registration & Continental Breakfast 

8:00 a.m.
Opening Remarks

• Harold L. Kaplan, Partner, FOLEY & LARDNER
• Norm Lieu, Director, CONWAY MACKENZIE

8:10 a.m.
Year in Review & New Opportunities

• Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL

Steve Gidumal provides his thought-provoking analysis to review the year in distressed investing and forecasts what to expect in the coming year.

8:50 a.m.
A Global Perspective on Distressed Investing Opportunities in both the US and International Markets

Moderator:  William A. "Bill" Brandt, Jr., Founder & Executive Chairman, DEVELOPMENT SPECIALISTS INC. ("DSI")
Panelists:

• Hon. Cecelia G. Morris, Chief Judge, U.S. BANKRUPTCY COURT OF THE SOUTHERN DISTRICT OF NEW YORK
• Andrew J. Herenstein, Managing Principal, MONARCH ALTERNATIVE CAPITAL
• William P. ("Bill") Weintraub, Partner, GOODWIN PROCTOR

The national and international political and economic situation has swung both rapidly and widely in just the past two to three years. In such a volatile environment, what are the deals and where are the markets that distressed investors should be looking at? Our panel of notables in the restructuring field will share their thoughts on where opportunity can be found and what trends they see emerging in the industry over the next 12 to 18 months..

9:40 a.m.
Break

10:00 a.m.
Selecting and Managing Post-Restructured Boards

Moderator: Steven A. Seiden, President, SEIDEN KRIEGER ASSOCIATES EXECUTIVE RECRUITERS
Panelists:

• Jon Weber, Head of Portfolio Company Management, BLUEMOUNTAIN CAPITAL MANAGEMENT LLC
• Alan Carr, CEO, DRIVETRAIN, LLC
• Michael Leitner, Managing Director, BLACKROCK, INC.

A new kind of post-restructuring board of directors will ultimately play a critical role in maximizing  shareholder value going forward. How to assemble such boards and the issues attendant to the recruitment of pertinent and qualified directors will be the subject of this timely panel. The participants, with a wealth of experience in these roles, will offer practical advice to anyone involved in distressed debt investing. 

10:50 a.m.
How Distressed Investors Maximize the Value of Deferred Tax Assets 

Moderator: Geoff Bailey, Principal, PORTENO CAPITAL
Panelists:

• Timothy E. Brog, CEO, RUBICON TECHNOLOGY
• Ken Grossman, Partner, SIGNATURE INVESTMENTS
• Sara B. Zablotney, Partner, KIRKLAND & ELLIS

This panel will focus on deferred tax assets (DTAs) from net operating losses and their value from the perspective of a CEO, an investor and a tax attorney. Each expert will explain how DTAs arise, the basic tax and accounting rules and how the lower corporate tax rate can create value for the company. Finally, the panel will explain how to incorporate DTAs into your valuations of distressed firms. 

11:45 a.m.
Harvey R. Miller Annual Awards Luncheon

Beard Group will present the Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring Industry to Tim Coleman, Global Chairman of the Restructuring and Special Situations Group at PJT Partners, followed by an interview conducted by the Hon. James M. Peck.  The Hon. James M. Peck is global co-chair of Morrison & Foerster's Business Restructuring & Insolvency Group.  Judge Peck will be introduced by Lorenzo Marinuzzi, Partner, and global co-chair of the firm-wide Business Restructuring & Insolvency Group at Morrison & Foerster; Morrison & Foerster is a sponsor of the 26th Annual Distressed Investing Conference.
Previous recipients of the Harvey Award were:

•      2001 Harvey Miller
•      2002 Steve Cooper, Zolfo Cooper
•      2003 Wilbur Ross, WL Ross & Co
•      2004 Jay Alix, AlixPartners
•      2005 Arthur Newman, The Blackstone Group
•      2006 Tony Alvarez II, Alvarez & Marsal
•      2007 David Tepper, Appaloosa Management
•      2008 William C. Repko, Evercore Partners
•      2009 Al Koch, AlixPartners
•      2010 Barry Ridings, Lazard
•      2011 David Resnick, Rothschild
•      2012 Jay Goldin, Goldin Associates
•      2013 Marty Whitman, Third Avenue Management
•      2014 Jim Millstein, Millstein & Co.
•      2015 Ken Buckfire, Miller Buckfire & Co. 
•      2016 Jack Butler, BirchLake Holdings
•      2017 Marc Lasry, Avenue Capital Group
•      2018 Edward Altman, New York University

1:30 p.m.
Puerto Rico's Financial Management and Oversight Board Presents ... A Plan for Recovery

Moderator: Andrew Scurria, Reporter, WALL STREET JOURNAL
Panelists:

• Sean Gumbs, Senior Managing Director, FTI CONSULTING
• Natalie Jaresko, Executive Director, FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO
• Matthew Rodrigue, Managing Director, MILLER BUCKFIRE
• Brad Setser, Senior Fellow, COUNCIL ON FOREIGN RELATIONS

As a U.S. territory, Puerto Rico had no legal avenue to bankruptcy protection, which prompted Congress to pass the Promesa statute in 2016. This historic legislation provides an external oversight board to manage Puerto Rico's restructuring, a move which could provide a roadmap for what happens with insolvent states, which are not eligible for bankruptcy protection. The unprecedented nature of this bankruptcy gave the oversight board a gargantuan task even before having to make difficult decisions such as whether to prioritize government pensioners, trade creditors or bondholders. In this panel, Puerto Rico's Financial Oversight and Management Board (FOMB) presents its plan for recovery to current and future stakeholders.

2:20 p.m.
Valuation Committee: Estimating PG&E's Wildfire Liability

Moderator: Edward S. Weisfelner, Partner, BROWN RUDNICK
Panelists:

• Emily Slater, Managing Director, BURFORD CAPITAL
• Philip Smyth, Senior Director, FITCH RATINGS
• Arik Van Zandt, Managing Director, ALVAREZ & MARSAL

Pacific Gas & Electric recently reached a settlement with insurance companies worth $11 billion for its liability in 2018 wildfires that killed 85 people and destroyed thousands of homes. But there is more litigation to settle, and how much PG&E must pay looking forward will have a direct impact on how much equity holders receive in a reorganization. Our panelists will explain how to zero in on an estimate of the damages PG&E will pay, which can be used to assess the value of the company's distressed securities. 

3:20 p.m.
Afternoon Networking Break

3:40 p.m.
Crisis in the Oilpatch - Danger or Opportunity for Lenders and Distressed Investors?

Moderator: John P. Melko, Partner, FOLEY & LARDNER
Panelists:

• Robert Albergotti, Managing Director, Houston, ALIXPARTNERS, LLP
• Todd Dittman, Head of Energy, ANGELO GORDON
• Elena Robciuc, Managing Director, Energy Group, Head of Reserve Based Finance Americas, SOCIETE GENERALE - Americas Securities, LLC.

 As oil markets continue to face pricing, supply, transportation and geopolitical challenges, the resulting uncertainty and economic fallout is evidenced by rising numbers of out of court recapitalizations, formal bankruptcy cases, and the closing of debt and equity windows to oil & gas and oilfield service companies.  These conditions represent danger for incumbent lenders, noteholders and equity investors, but opportunity for strategic buyers with patient capital.  Our panel members are uniquely positioned to discuss their views of the current and future markets, and how they view the path forward.

4:30 p.m.
Investors' Roundtable

• Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL
• Gary Hindes, Chairman, THE DELAWARE BAY COMPANY
• Matt Dundon, Principal, DUNDON ADVISERS
• Richard Fels, Managing Partner, ODEON CAPITAL GROUP
• Dave Miller, Senior Portfolio Manager, ELLIOTT MANAGEMENT CORP.

There's a high probability that you'll want to call your broker with a buy or sell order following this roundtable discussion.

5:00 p.m.
Conference concludes

5:30 p.m.
Dinner honoring the 2019 Turnarounds & Workouts Outstanding Young Restructuring Lawyers:
Master of Ceremonies: Stephanie Wickouski, Partner, BRYAN CAVE LEIGHTON PAISNER LLP
Lawyers:

• Jonathan Canfield at Stroock & Stroock & Lavan
• Lauren C. Doyle at Milbank
• Chris Gartman at Hughes Hubbard & Reed
• David Nigel Griffiths at Weil, Gotshal & Manges
• George R. Howard at Skadden, Arps, Slate, Meagher & Flom
• Brad Kahn at Akin Gump Strauss Hauer & Feld
• Jessica Liou at Weil, Gotshal & Manges
• Jennifer Marines at Morrison & Foerster
• Oscar Pinkas at Dentons
• Brian Schartz at Kirkland & Ellis
• Eli Vonnegut at Davis Polk & Wardwell
• Joe Zujkowski at O’Melveny & Myers

 7:30 a.m.
Registration & Continental Breakfast 

8:00 a.m.
Opening Remarks

• Harold L. Kaplan, Partner, FOLEY & LARDNER
• Norm Lieu, Director, CONWAY MACKENZIE

8:10 a.m.
Year in Review & New Opportunities

• Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL

Steve Gidumal provides his thought-provoking analysis to review the year in distressed investing and forecasts what to expect in the coming year.

8:50 a.m.
A Global Perspective on Distressed Investing Opportunities in both the US and International Markets
Moderator:  William A. "Bill" Brandt, Jr., Founder & Executive Chairman, DEVELOPMENT SPECIALISTS INC. ("DSI")
Panelists:

• Hon. Cecelia G. Morris, Chief Judge, U.S. BANKRUPTCY COURT OF THE SOUTHERN DISTRICT OF NEW YORK
• Andrew J. Herenstein, Managing Principal, MONARCH ALTERNATIVE CAPITAL
• William P. ("Bill") Weintraub, Partner, GOODWIN PROCTOR

The national and international political and economic situation has swung both rapidly and widely in just the past two to three years. In such a volatile environment, what are the deals and where are the markets that distressed investors should be looking at? Our panel of notables in the restructuring field will share their thoughts on where opportunity can be found and what trends they see emerging in the industry over the next 12 to 18 months..

9:40 a.m.
Break

10:00 a.m.
Selecting and Managing Post-Restructured Boards
Moderator: Steven A. Seiden, President, SEIDEN KRIEGER ASSOCIATES EXECUTIVE RECRUITERS
Panelists:

• Jon Weber, Head of Portfolio Company Management, BLUEMOUNTAIN CAPITAL MANAGEMENT LLC
• Alan Carr, CEO, DRIVETRAIN, LLC
• Michael Leitner, Managing Director, BLACKROCK, INC.

A new kind of post-restructuring board of directors will ultimately play a critical role in maximizing  shareholder value going forward. How to assemble such boards and the issues attendant to the recruitment of pertinent and qualified directors will be the subject of this timely panel. The participants, with a wealth of experience in these roles, will offer practical advice to anyone involved in distressed debt investing. 

10:50 a.m.
How Distressed Investors Maximize the Value of Deferred Tax Assets 
Moderator: Geoff Bailey, Principal, PORTENO CAPITAL
Panelists:

• Timothy E. Brog, CEO, RUBICON TECHNOLOGY
• Ken Grossman, Partner, SIGNATURE INVESTMENTS
• Sara B. Zablotney, Partner, KIRKLAND & ELLIS

This panel will focus on deferred tax assets (DTAs) from net operating losses and their value from the perspective of a CEO, an investor and a tax attorney. Each expert will explain how DTAs arise, the basic tax and accounting rules and how the lower corporate tax rate can create value for the company. Finally, the panel will explain how to incorporate DTAs into your valuations of distressed firms.

11:45 a.m.
Harvey R. Miller Annual Awards Luncheon
Beard Group will present the Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring Industry to Tim Coleman, Global Chairman of the Restructuring and Special Situations Group at PJT Partners, followed by an interview conducted by the Hon. James M. Peck.  The Hon. James M. Peck is global co-chair of Morrison & Foerster's Business Restructuring & Insolvency Group.  Judge Peck will be introduced by Lorenzo Marinuzzi, Partner, and global co-chair of the firm-wide Business Restructuring & Insolvency Group at Morrison & Foerster; Morrison & Foerster is a sponsor of the 26th Annual Distressed Investing Conference.
Previous recipients of the Harvey Award were:

•      2001 Harvey Miller
•      2002 Steve Cooper, Zolfo Cooper
•      2003 Wilbur Ross, WL Ross & Co
•      2004 Jay Alix, AlixPartners
•      2005 Arthur Newman, The Blackstone Group
•      2006 Tony Alvarez II, Alvarez & Marsal
•      2007 David Tepper, Appaloosa Management
•      2008 William C. Repko, Evercore Partners
•      2009 Al Koch, AlixPartners
•      2010 Barry Ridings, Lazard
•      2011 David Resnick, Rothschild
•      2012 Jay Goldin, Goldin Associates
•      2013 Marty Whitman, Third Avenue Management
•      2014 Jim Millstein, Millstein & Co.
•      2015 Ken Buckfire, Miller Buckfire & Co. 
•      2016 Jack Butler, BirchLake Holdings
•      2017 Marc Lasry, Avenue Capital Group
•      2018 Edward Altman, New York University

1:30 p.m.
Puerto Rico's Financial Management and Oversight Board Presents ... A Plan for Recovery
Moderator: Andrew Scurria, Reporter, WALL STREET JOURNAL
Panelists:

• Sean Gumbs, Senior Managing Director, FTI CONSULTING
• Natalie Jaresko, Executive Director, FINANCIAL OVERSIGHT AND MANAGEMENT BOARD OF PUERTO RICO
• Matthew Rodrigue, Managing Director, MILLER BUCKFIRE
• Brad Setser, Senior Fellow, COUNCIL ON FOREIGN RELATIONS

As a U.S. territory, Puerto Rico had no legal avenue to bankruptcy protection, which prompted Congress to pass the Promesa statute in 2016. This historic legislation provides an external oversight board to manage Puerto Rico's restructuring, a move which could provide a roadmap for what happens with insolvent states, which are not eligible for bankruptcy protection. The unprecedented nature of this bankruptcy gave the oversight board a gargantuan task even before having to make difficult decisions such as whether to prioritize government pensioners, trade creditors or bondholders. In this panel, Puerto Rico's Financial Oversight and Management Board (FOMB) presents its plan for recovery to current and future stakeholders.

2:20 p.m.
Valuation Committee: Estimating PG&E's Wildfire Liability
Moderator: Edward S. Weisfelner, Partner, BROWN RUDNICK
Panelists:

• Emily Slater, Managing Director, BURFORD CAPITAL
• Philip Smyth, Senior Director, FITCH RATINGS
• Arik Van Zandt, Managing Director, ALVAREZ & MARSAL

Pacific Gas & Electric recently reached a settlement with insurance companies worth $11 billion for its liability in 2018 wildfires that killed 85 people and destroyed thousands of homes. But there is more litigation to settle, and how much PG&E must pay looking forward will have a direct impact on how much equity holders receive in a reorganization. Our panelists will explain how to zero in on an estimate of the damages PG&E will pay, which can be used to assess the value of the company's distressed securities.

3:20 p.m.
Afternoon Networking Break

3:40 p.m.
Crisis in the Oilpatch - Danger or Opportunity for Lenders and Distressed Investors?
Moderator: John P. Melko, Partner, FOLEY & LARDNER
Panelists:

• Robert Albergotti, Managing Director, Houston, ALIXPARTNERS, LLP
• Todd Dittman, Head of Energy, ANGELO GORDON
• Elena Robciuc, Managing Director, Energy Group, Head of Reserve Based Finance Americas, SOCIETE GENERALE - Americas Securities, LLC.

 As oil markets continue to face pricing, supply, transportation and geopolitical challenges, the resulting uncertainty and economic fallout is evidenced by rising numbers of out of court recapitalizations, formal bankruptcy cases, and the closing of debt and equity windows to oil & gas and oilfield service companies.  These conditions represent danger for incumbent lenders, noteholders and equity investors, but opportunity for strategic buyers with patient capital.  Our panel members are uniquely positioned to discuss their views of the current and future markets, and how they view the path forward.

4:30 p.m.
Investors' Roundtable

• Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL
• Gary Hindes, Chairman, THE DELAWARE BAY COMPANY
• Matt Dundon, Principal, DUNDON ADVISERS
• Richard Fels, Managing Partner, ODEON CAPITAL GROUP
• Dave Miller, Senior Portfolio Manager, ELLIOTT MANAGEMENT CORP.

There's a high probability that you'll want to call your broker with a buy or sell order following this roundtable discussion.

5:00 p.m.
Conference concludes

5:30 p.m.
Dinner honoring the 2019 Turnarounds & Workouts Outstanding Young Restructuring Lawyers:
Master of Ceremonies: Stephanie Wickouski, Partner, BRYAN CAVE LEIGHTON PAISNER LLP
Lawyers:

• Jonathan Canfield at Stroock & Stroock & Lavan
• Lauren C. Doyle at Milbank
• Chris Gartman at Hughes Hubbard & Reed
• David Nigel Griffiths at Weil, Gotshal & Manges
• George R. Howard at Skadden, Arps, Slate, Meagher & Flom
• Brad Kahn at Akin Gump Strauss Hauer & Feld
• Jessica Liou at Weil, Gotshal & Manges
• Jennifer Marines at Morrison & Foerster
• Oscar Pinkas at Dentons
• Brian Schartz at Kirkland & Ellis
• Eli Vonnegut at Davis Polk & Wardwell
• Joe Zujkowski at O’Melveny & Myers