2020 Conference Agenda

Monday, Nov. 30

11:00 a.m.
Opening Remarks

• Harold L. Kaplan, Partner, FOLEY & LARDNER

11:10 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.

12:00 p.m.
Retail Investing and Restructuring in Tumultuous Times
Moderator:  Joshua A. Sussberg, Partner, KIRKLAND & ELLIS
Panelists:

• Julia Frost-Davies, Partner, MORGAN, LEWIS & BOCKIUS LLP
• Christa Hart, Senior Managing Director, FTI CONSULTING
• David Kurtz, Global Head of Restructuring, LAZARD
• Michael Neruda, Managing Director, SIXTH STREET

Retail as we know it has changed dramatically over the last five years. And that was pre-pandemic!  With technological disruption and an unclear end to COVID-19, to restructure and see a return on an investment in any retailer is a challenge to say the least.  But that is not to say it cannot be done. From Sears, to Neiman Marcus, JCPenney and Tailored Brands, there are many examples of successful restructurings to provide relief for overburdened balance sheets. A panel of experts from the investment and advisory community have come together to shed light on retail distress and successful strategies for investing in, and restructuring, retailers in this ever changing marketplace.

Retail Investing and Restructuring in Tumultuous Times.pdf
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1:00 p.m.
Subchapter V and Opportunities in the Pandemic
Moderator:  William A. "Bill" Brandt, Jr., Founder & Executive Chairman, DEVELOPMENT SPECIALISTS INC. ("DSI")
Panelists:

• William H. Harrington, U.S. Trustee, OFFICE of the U.S. TRUSTEE for REGIONS 1 AND 2
• Robert J. Keach, Shareholder, BERNSTEIN, SHUR, SAWYER & NELSON P. A .
• Hon. Cecelia G. Morris, Chief Judge, U.S. BANKRUPTCY COURT for the SOUTHERN DISTRICT OF NEW YORK

This panel will discuss both the policy imperatives and the legislative history of the Small Business Reorganization Act of 2019 (the “SBRA”), as amended by the CARES Act, and how the SBRA relates to other provisions in the Bankruptcy Code. The panel will also discuss the elements and core provisions of the SBRA and what has happened to date with the implementation of the SBRA and, as well, how the COVID-19 pandemic has affected the practical application and implementation of this new section of the Code. Further, the panel will briefly discuss what investment opportunities may have been created in small to mid-size businesses by the passage of this act.

Subchapter V and Opportunities in the Pandemic.pptx
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Tuesday, Dec. 1

11:00 a.m.
Opening Remarks
Gary Blitz, Co-CEO M&A and Transaction Solutions, AON

11:10 a.m.
Harvey R. Miller Annual Award
Beard Group will present the Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring Industry to Lisa Donahue, Managing Director and Joint Global Head of Turnaround & Restructuring at AlixPartners. This year's winner will be interviewed by Tim Coleman, Global Chairman of the Restructuring and Special Situations Group at PJT Partners.
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
•      2019 Tim Coleman, PJT Partners
•     2020 Lisa Donahue, AlixPartners

12:00 p.m.
Bringing Certainty to Distressed Deal Outcomes
Moderator: Matthew Wiener, Managing Director, AON
Panelists:

• Gary Blitz, Co-CEO, AON
• Chaim P. Theil, Counsel, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP

Challenging times can present opportunities for those professionals looking in the right places with the right valuation and risk controls in place. In this session, our speakers will examine how businesses can leverage insurance capital to secure distressed transactions and unlock funds. This session will include an overview of the distressed M&A market and the use of representations & warranties/warranties & indemnities insurance to enhance asset values that no longer need to be purchased on an “as is, where is” basis. We will also look at how contingent liabilities for pending litigation, tax obligations, or other contingencies transferred to insurers to eliminate or reduce reserves and otherwise shore up balance sheets. Further, we will demonstrate how insurance instruments can help you through the life cycle of an insolvency proceeding, including providing certainty for the impact of a potential revocation right of an insolvency administrator in the case of a pre-insolvency transaction, securing a “prepack” solution in the case of a business sale within a self-administration in the insolvency procedure, and how synthetic warranties agreed with the insurer can minimize deductions for risks in comparison to an “as is, where is” transaction.

Bringing Certainty to Distressed Deal Outcomes.pptx
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1:00 p.m.
Volatility in the Oilpatch: Where Did All the Value Go?
Moderator: John P. Melko, Partner, FOLEY & LARDNER
Panelists:

• Christopher J. Marcus, Partner, KIRKLAND & ELLIS LLP
• Michael O'Hara, Managing Director, JEFFERIES
• Robert J. Stark, Partner, BROWN RUDNICK LLP

In this cycle again, massive asset valuations are being suffered on oil & gas reserves. The write downs far exceed price reductions.  How can something worth so much, so recently, suddenly become worth so little?  Our panel of experts explain the valuation swings, along with recent successful plans for operating profitably in the current environment.

Volatility in the Oilpatch.pptx
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Wednesday, Dec. 2

11:00 a.m.
Opening Remarks
James H.M. Sprayregen, Partner, KIRKLAND & ELLIS

11:10 a.m.
Investors' Roundtable
Moderator: Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL
Panelists:

• Matthew Dundon, Principal, DUNDON ADVISERS
• Richard Fels, Managing Director, ODEON CAPITAL GROUP
  
• Gary Hindes, Chairman, THE DELAWARE BAY COMPANY

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

Investors Roundtable - Distressed Investing 2020.ppt
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12:10 p.m.
Underwriters and Covenants in the Pandemic
Moderator: Andrew Kissner, Associate, MORRISON & FOERSTER LLP
Panelists:

• Benjamin Butterfield, Associate, MORRISON & FOERSTER LLP
• Kevin Nystrom, Managing Director, ALIXPARTNERS
• James MacInnis, Director, DEUTSCHE BANK SECURITIES

For the last decade, the prevailing wisdom was that a historic bull-run had precipitated a shift in the high yield credit markets towards financings on increasingly borrower-friendly terms.  At the outset of the COVID-19 pandemic, many market observers speculated that the ensuing economic dislocation might spell an end to this era of “cov-lite” lending.  This panel will explore whether and to what extent this has come to pass with respect to new deals executed in the wake of the pandemic, as well as discuss the consequences that a decade of cov-lite underwriting has had on today’s workouts and restructurings.

Underwriters and Covenants in the Pandemic.pptx
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1:10 p.m.
How to Effectuate Distressed Hospital Sales Where Prior Efforts have Failed
Moderator: Kevin Eckhardt, Distressed Debt Legal Analyst, REORG
Panelists:

• Peter Chadwick, Managing Director, BERKELEY RESEARCH GROUP
• David E. Galfus, Managing Director, BERKELEY RESEARCH GROUP
• James Moloney, Co-Head of Health Systems M&A, CAIN BROTHERS
• Tania M. Moyron, Partner, DENTONS
• Mark Shinderman, Partner, MILBANK

By utilizing lessons learned from leading the Verity Health successful sales processes through Chapter 11 bankruptcy, Dentons, Cain Brothers, BRG, and Milbank will outline a path to competing sale transactions that ensure the future operations of the hospitals even in the most distressed circumstances.  Best practices include extending the liquidity runway by utilizing quick hit performance improvement and treasury discipline; leading an efficient bankruptcy process to unlock value; and leading a marketing process targeted to a focused group of buyers.

How to Effectuate Distressed Hospital Sales Where Prior Efforts have Failed.pptx
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2:00 p.m.
Honoring the 2019 Turnarounds & Workouts Outstanding Young Restructuring Lawyers:
Master of Ceremonies: Stephanie Wickouski, Partner, BRYAN CAVE LEIGHTON PAISNER LLP
Lawyers:

• Darren Azman, MCDERMOTT WILL & EMERY
• Jonathan Canfield, STROOCK & STROOCK & LAVAN LLP
• Daniel I. Forman, WILLKIE FARR & GALLAGHER LLP
• Greg Fox, GOODWIN PROCTER LLP
• Joseph O. Larkin, SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
• Angela Libby, DAVIS POLK & WARDWELL LLP
• Michele C. Maman, CADWALADER, WICKERSHAM & TAFT LLP
• Jennifer Marines, MORRISON & FOERSTER LLP
• Gabriel A. Morgan, WEIL, GOTSHAL & MANGES LLP
• Rachael Ringer, KRAMER LEVIN NAFTALIS & FRANKEL
• Eric K. Stodola, MILBANK LLP
• Erica S. Weisgerber, DEBEVOISE & PLIMPTON LLP

Read bios for each of this year's honorees here.