Registration, Breakfast & Networking
7:15 - 8:15 AM

Outlook for Defaults & Distressed Debt: Are Flowers Blooming in the Desert?
8:55 - 9:45 AM
This panel examines which industries present the greatest opportunities in distressed debt investing. Panelists discuss their expectations for the most highly leveraged sectors, whether or not second liens will succumb most of their interests to the senior lenders in the next economic downturn, and if hedge funds and other new players in the subordinate debt sector have the expertise to handle workouts.
MODERATOR: JOE CATALANO, FirstLight Financial Corporation
PANELISTS: BILLY PROCIDA, Palisades Financial; KAREN SIMEONE, Stairway Capital; F. JOHN STARK III, Corporate Financial Advisors

The Role of Hedge Funds: Adding Liquidity or Prompting Default?
10:15 - 11:05 AM
Hedge funds have taken a prominent role in the secured loan market, bringing new trading and hedging strategies. This panel discusses how their involvement is impacting the market for more traditional lenders. What are the latest investment pursuits among hedge fund investors in secured debt, private equity, factoring receivables, and trade claims?
MODERATOR: GERRY DANIELLO, Cerberus Capital
PANELISTS: JOHN BRIGNOLA, LBC; DEAN D'ANGELO, Laminar Direct Capital; MARY D'SOUZA, GE Capital Markets

Secondary Market Investments: Avoiding Insolvency
11:10 - 11:30 AM
In an effort to avoid insolvency more distressed debt opportunities are being made available to the secondary market. This presentation covers these investments from origination through distress and restructuring.
SPEAKER: PAUL HALPERN, Chrysalis

Collateralized Loan Obligations: The New Funding Behemoth for the Middle Markets
11:35 AM - 12:25 PM
Middle market collateralized loan obligations are playing a more influential role, and are impacting the pricing and credit quality of the secured debt market. Volume in this space is expected to double this year. This panel focuses on why issuers of more traditional collateralized bond obligations and high yield CLO’s are increasingly attracted to the middle market, while looking at the growth expectations for 2007 and beyond. Panelists also give their thoughts on the benefits and pitfalls of investing in CLO securities.
MODERATOR: RANA QURAISHI, Standard & Poor's
PANELISTS: WILLIAM BROWN, Sandelman Partners; KEDRAN GARRISON, JP Morgan Chase; JOHN KLINE, GSC Group;

Avoiding the Pitfalls of U.S./Canadian Lending
1:30 - 1:50 PM
When acquisition targets have assets and operations outside of the United States, lenders are faced with a myriad of potential issues. This presentation covers many of the issues relevant to lending in Canada, including withholding of taxes, safe harbors, avoiding tax on income in Canada, and allocation of interest expense. It also explores upstream and downstream guarantees, revolvers and term loans, reverse-hybrid structures, thin capitalization and conduit lending.
SPEAKER: LORNE SALTMAN, Cassels Brock & Blackwell

Added Value Lending: Helping Portfolio Companies Achieve their Goals
1:55 - 2:25 PM
This panel defines how added value lending can be used to enhance the worth of secured loans. Panelists discuss a case study that illustrates how taking a private company public has become a viable option as part of their exit strategy. Topics include the importance of closing transactions quickly, using the right service providers, and instituting an added value strategy to help your portfolio company with aftermarket support.
MODERATOR: RANDY STERN, RAM Capital Resources - Shelter Island Opportunity Fund
PANELISTS: STEPHEN SALTZSTEIN, RAM Capital Resources - Shelter Island Opportunity Fund; ABHISHEK JAIN, WTP Capital - Vigilar Incorporated

Intercreditor Agreements: Are They Written With Disappearing Ink?
3:00 - 3:50 PM
With the rise of second lien and secured mezzanine deals, intercreditor negotiations have become increasingly complex. This session explores if covenant protection has been diminishing for holders of second lien and mezzanine debt.
MODERATOR:STEVE ELLIS, Proskauer Rose
PANELISTS: MICHAEL EGAN, Monroe Capital; MICHAEL EWALD, Sankaty Advisors; ROBERT HORNSTEIN, Newstar Financial; MY CHI TO, Debevoise & Plimpton

Mezzanine vs. Second Lien Lending
3:55 – 4:45 PM
This panel examines the structural differences between second lien and mezzanine loans and common differences in the terms of intercreditor agreements. Panelists discuss the impact of second lien loans on the mezzanine market and where these markets are moving to in the future.
MODERATOR: RON KAHN, Lincoln International
PANELISTS: JAMES FEELEY, FriedbergMilstein; KEVIN GRIFFIN, Fortress Investment Group; LEN TANNENBAUM, Fifth Street Capital