Registration, Breakfast & Networking
7:15 AM

Opening Remarks
8:15 AM
SPEAKER: STEVEN DRESNER, The Secured Debt Report

Current Trends in Junior Capital
8:20 AM
The second lien market comes of age: This panel examines the current and future trends in tranche B, second lien and junior secured debt.
MODERATOR: TED KOENIG, Monroe Capital
PANELISTS: SUSAN CHEN, D.B. Zwirn; MARY D’SOUZA, GE Commercial Finance; DEBORAH HICKS MIDANEK, Solon Group; ANDREW WOOLFORD, Jefferies & Company

Distressed Debt Strategies
9:15 AM
This panel discusses the current loan/bond market as it relates to the eventual downturn in the credit markets along with different distressed debt strategies. Panelists give their thoughts as to the timing, as well as the factors involved in precipitating a credit market downturn.
MODERATOR: JOSEPH CATALANO, Longroad Asset Management
PANELISTS: C.J. BURGER, Summit Investment Management; MIKE EPSTEIN, TRG; MIKE FOREMAN, Proskauer Rose

Exploring the Differences Between Second Lien and Mezzanine Financing
10:40 AM
There has been an increasing popularity in second lien loans as an alternative to mezzanine financing. This panel will examine the structural and economic differences between second lien and mezzanine loans, along with intercreditor differences such as payment blockage, remedy standstill issues and purchase options. Panelists will discuss the impact of second lien loans on the mezzanine market and where they feel the players in these markets see firms moving to in the future.
MODERATOR: STEVE ELLIS, Proskauer Rose
PANELISTS: JAMES FEELEY, Friedberg Milstein; RONALD KAHN, Lincoln Partners; MIKE PIZETTE, BackBay Capital; JOHN SCHNABEL, Falcon Investments

The Role of the Intermediary
11:35 AM
This session explores such issues as deal origination, the due diligence process, and structuring criteria. Panelists will focus on current returns (interest rate, O.I.D’s, SLD’s), capital appreciation (conversion price, warrants), maturity, and collateral, and how these factors influence an intermediary’s decision as to the type of investor most appropriate for the transaction.
MODERATOR: RANDALL STERN, RAM Capital Resources
PANELISTS: JOEL GARDNER, Burnham Securities; JESSE SHELMIRE, Stonegate Securities; BRADLEY WILHITE, Ascendiant Securities

Financial Transactions With Hedge Funds
12:30 PM
Banks, broker-dealers, investment advisors and mutual funds are increasing their transactions with hedge funds, and playing various roles, such as prime broker swaps, counterparty lender, arranger and provider of structured products, brokerage custody, and cash management. This session focuses on the increased due diligence financial firms must take to ensure that their transactions with hedge funds are properly secured from the standpoint of collateral monitoring, documentation, and risk management.
SPEAKER: ISAAC LUSTGARTEN, McDermott Will & Emery

Debt for Today’s Transactions: Cash Flow vs. Asset-Based Structures
2:15 PM
Leverage rising and deal terms and structures are becoming more competitive with issuers looking to their lenders for support. The current lending environment requires both types of lenders to be creative and many times co-exist in the same structure. This panel will seek to explore areas including when it is appropriate to use one form of senior debt over the other, how asset-based and cash flow lenders co-exist in a capital structure, how competitive dynamics have changed terms, conditions and underwriting of each structure and the role of non-traditional lenders in the marketplace.
MODERATOR: ANDY STEUERMAN, Golub Capital
PANELISTS: BRIAN MCDONALD, Merrill Lynch Capital; PETER PROVENZALE, Wachovia Capital Finance

State of the Second Lien Market
3:10 PM
This presentation examines the rise in current floating rates and the effect this has on second lien lending. It covers typical pricing and terms, standstill and blockage, market participants, and onestop buyers and their effect on traditional second lien lending.
SPEAKER: STEFAN SHAFFER, SPC Capital

Direct Lending by Hedge Funds
4:10 PM
There are opportunities for hedge funds to lend money to companies, and by doing so, they are able to bypass more conventional debt capital providers such as commercial banks and investment banks. This presentation discusses some of the alternative structures that have been used to finance such transactions.
SPEAKER: RICHARD SMITHLINE, Centrecourt Asset Management

Intellectual Property Finance: Boldly Going Where Few Have Dared to Go Before
4:40 PM
In the last few years, lenders have become increasingly willing to consider IP as collateral. Is this the birth of a new market? What forces are driving this interest? Who are these lenders? How does lending against IP differ from conventional asset classes like receivables or inventory? This presentation dissects the cutting edge field of intellectual property finance.
SPEAKER: MARC LUCIER, Intangible Edge

Closing Remarks
5:10 PM
SPEAKER: STEVEN DRESNER, The Secured Debt Report