Registration, Breakfast & Networking
8:00 – 9:00 AM

The State of the Market
9:10 – 10:00 AM
With an increasing number of investments in troubled middle-market companies filling the portfolios of private equity and hedge fund investors, it becomes even more important to understand the key drivers impacting market conditions and dynamics. How will the eventual downturn and wave of restructurings differ from past downturns? This panel gives an outlook for the current distressed debt market.
MODERATOR: JOE CATALANO, First Light Financial
PANELISTS: JOHN FITZSIMONS, American Securities; DAVID PERESS, Crystal Capital; SCOTT RUTSKY, Proskauer Rose; SHERYL SEIGEL, Lang Michener

Distressed Debt Investing: An Update on Recent Legal Developments
10:05 – 10:25 AM
This presentation examines recent cases involving the interpretation of indenture covenants, including make whole and prepayment provisions, change of control provisions, equal and ratable clauses, and covenants concerning the timely filing of SEC reports by issuers. This presentation also addresses no action clauses and restraints on who can enforce violations of indenture covenants.
SPEAKER: MARK HEBBELN, Foley & Lardner

Loan to Own: Exercising Lender Remedies as an Alternative to Bankruptcy
11:00 – 11:50 AM
This panel gives a business, legal and practical discussion of the loan to own strategy. Panelists discuss the analysis of lender remedies, and how to utilize the Uniform Commercial Code. They also discuss the duties of officers and directors of distressed companies, alternatives to bankruptcy in effectuating and acquisition strategy and the negotiation of a consensual restructuring agreement.
MODERATOR: MICHAEL EPSTEIN, CRG Partners
PANELISTS: PAUL COUGHLIN, Longroad Asset Management; LARRY HALPERIN, Richards Kibbe & Orbe; MARC PUNTUS, Miller Buckfire; J. SCOTT VICTOR, National City Investment Banking

Fasten Your Seatbelts, It's Going to be a Bumpy Year
11:55 – 12:25 PM
Is consumer debt the next mortgage crisis? Consumers are more indebted than ever, and their wealth is taking a pounding from declining home prices. The problem has become very evident in the mortgage market, but will it spread to auto loans and credit cards?
FEATURED SPEAKER: DAVID WYSS, Chief Economist, Standard & Poor's

The State of the Leveraged Buy-out Market: Shifting to Fix-up Situations
1:35 – 2:25 PM
Rocky debt markets and less availability of debt capital have forced private equity firms to re-write their underwriting assumptions. This panel discusses the current state of the leveraged buy-out market, and how growth-oriented opportunities are being replaced by turnaround and "fix-up" situations.
MODERATOR: CHARLES RICEMAN, Golub Capital
PANELISTS: JOHN COLLARD, Strategic Management Partners; DANIEL COLLIN, Monomoy Capital Partners; RONALD KAHN, Lincoln Partners; VICTOR VESCOVO, Insight Equity Holdings

Collateralized Loan Obligations: An End of Liquidity to the Debt Capital Markets?
2:30 – 3:20 PM
New issuance of CLO’s is expecting a massive drop off this year. The market has been bracing to determine whether CLOs can recover from the pricing corrections necessitated by investor skittishness towards structured products in general during the second half. The jury is still out on the role existing CLOs will play in upcoming restructurings. This panel explores whether the new issue CLO market has truly died, how CLO managers are dealing with the reduced volume, and what type of debt players have been replacing CLO financing.
MODERATOR: JEFFREY HAMMER, Bear Stearns Asset Management
PANELISTS: KAREN GOTTWALD, Hilco Financial; STEVEN KUPPENHEIMER, FSI Capital; J. MCCORMICK, Tricadia Capital; Additional Panelists TBA

The Marketplace for Intellectual Property Assets
3:40 – 4:00 PM
In the last few years, lenders have become increasingly willing to consider intellectual property as collateral which has created a robust market for these assets. This presentation dissects the differences between primary, secondary and secured transactions including patents, trademarks, business intelligence, content and software and systems licenses. It will also discuss monetizing strategies including litigation, auction and private sale.
SPEAKER: JAY LUSANN, IpRecovery

Due Diligence, Fraud and Quality of Earnings
4:05 – 4:55 PM
Some observers believe the next round of restructurings can only unearth similar instances of widespread accounting fraud. The now historic marketplace of high liquidity and generous lending standards might prove to have facilitated activities of unscrupulous borrowers. This panel explores whether debt players will be dragged into the allegations, and if more litigious hedge funds will pursue opportunities for handsome court payouts.
MODERATOR: MICHAEL EGAN, Monroe Capital;
PANELISTS: MICHAEL BOGDAN, Atalaya Capital Management; MAGGIE GOOD, The Meridian Group; ROBERT SMITH, National City Investment Banking; GREGORY ZILBERSTEIN, Moriah Capital

Registration, Breakfast & Networking
8:00 – 9:00 AM

Mezzanine vs. Second Lien Lending
8:50 – 9:40 AM
With interest rates on the rise, have mezzanine loans made a comeback while second lien loans begin to unravel? This panel examines the expansion of this market and the emerging opportunities that come with it. Panelists discuss issues of competition, pricing, liquidity and the rise of third lien lending.
MODERATOR: NATE COHEN, LBC Credit Partners
PANELISTS: MICHAEL FIELDSTONE, Sun Capital Partners; DAVID GROSSMAN, Kohlberg Capital Corporation; JOHN RIJO, Stairway Capital; FRED SOSNICK, Shearman Sterling

Section 363 Sales in the Next Downturn
9:45 – 10:30 AM
This panel discusses the pros and cons of Section 363 sales, break-up fees, and bankruptcy auction procedures. Panelists also explore credit bidding, backstops to rights’ offerings, and the impact on second liens.
MODERATOR: MY CHI TO, Debevoise & Plimpton
PANELISTS: JOEL LEVITIN, Dechert; PAUL SILVERSTEIN, Andrews Kurth; JOHN STREK, Conway, Del Genio, Gries & Co.; DAVID YU, Metlife

Betting on a Turn in Housing: Distressed Investing in the Securities of Homebuilders, Distributors and Mortgage Companies
10:55 – 11:15 AM
Given the uncharted territory of the mortgage market, what is expected in 2008? What do prior downturns suggest about opportunities in the current collapse? This presentation uncovers what the divergent risks and potential returns are between the corporate and structured securities of key housing sectors including builders, product distributors, mortgage packers and, in due course, investors.
SPEAKER: ANDERS MAXWELL, Peter J. Solomon Co.

Investing in the Automotive Industry
11:20 – 11:40 AM
With an uncertain future looming over the auto industry, there may be opportunities for investors to capitalize. This presentation examines the relationships between distressed suppliers and the big three car companies, how suppliers have resolved trade vendor issues, and how rights offerings can be used as a tool to finance the suppliers’ emergence from Chapter 11. It will also focus on how the auto industry may be affected by the subprime mortgage meltdown.
SPEAKER: RICHARD MASON, Wachtell, Lipton Rosen & Katz

Litigation Causes of Action in Preemptive Strategies
11:45 – 12:35 PM
Many bankruptcy cases begin with the sale of substantially all of the debtor's assets, and creditors turn to litigation to fill the gap between the distressed price and the outstanding indebtedness. The potential targets in response to the threat of a lawsuit may commence preemptive litigation to fend off the litigation. This panel discusses the litigation strategies and decisions that are setting trends for future cases.
MODERATOR: CAROLE NEVILLE, Sonnenschein Nath & Rosenthal
PANELISTS: DENNIS CONNOLLY, Alston & Bird; STEPHEN SELBST, McDermott Will & Emery; BRIAN TRUST, Mayer Brown; Additional Panelists TBA

Insider Trading Issues with Official and Ad Hoc Committees
1:40 – 2:30 PM
Firms that trade in distressed debt and serve on bankruptcy reorganization committees face unique legal and ethical challenges. This panel explores how distressed-asset investors can have a say in bankruptcy court while avoiding conflicts of interest.
MODERATOR: KRIS HANSEN, Stroock & Stroock & Lavan
PANELISTS: ROBERT DEHNEY, Morris, Nichols, Arsht & Tunnell; JAMES MCGOVERN, Securites & Exchange Commission; BRAD TAKAHASHI, Franklin Mutual Advisors

Distressed Debt in Canada: Exploring Opportunities North of the Border
2:35 – 2:55 PM
What happens when distressed debt investors start looking at opportunities outside of the USA? It’s inevitable that there will be opportunities in Canada, the largest trading partner of the United States. However, there might be traps for unwary investors. This presentation explores whether the rules are truly different for cross-border deals, and what those looking at international opportunities need to know about how the rest of the world deals with distressed debt.
SPEAKER: KEN KRAFT, Heenan Blaikie

Current Market Conditions in Distressed Senior Debt
3:20 – 3:40 PM
This presentation explores the new opportunities awakening for senior debt in the collateralized debt obligation and LBO fallout. How will financing differ following the current price corrections in the senior debt marketplace? Will mezzanine and equity players begin to replace senior finance? What will be the impact on the cost of capital and continued financial viability for middle market companies?
SPEAKER: DEIRDRE MARTINI, Wachovia Capital

Do You Remember Lender Liability?
3:45 – 4:35 PM
In the 1980's and early 1990's traditional bank lenders received a very expensive education on lender liability. Today's landscape of "non-traditional" lenders is at risk of repeating the same mistakes of the not too distant past. Panelists give their views as to why they feel there will be "lender liability dejavu" in a few years and what you can do to avoid these mistakes and exploit the errors of these lenders.
MODERATOR: DAN DOOLEY, MorrisAnderson & Associates
PANELISTS: RON BARLIANT, Goldberg Kohn; GARY KATZ, Archer Capital Management; JOHN O'KANE, CIT Business Capital