June 26 - The Westin Times Square - New York City
Friday, June 26, 2009
Registration, Breakfast & Networking
8:00 - 9:00 AM
8:00 - 9:00 AM
Today's SPACs: How the Lessons Learned Will Affect Future Structures
9:00 - 9:50 AM
While present SPACs are still a viable investment for traders, investors and sponsors, future SPAC IPO structures will likely bear little resemblance to current SPACs and there are varying opinions as to just what will come next. This panel explores the state of current SPAC mergers and how lessons learned from past successes and failures will help to improve SPAC IPO product going forward.
MODERATOR: DOUG ELLENOFF, Ellenoff Grossman & Schole
PANELISTS: CRAIG GODSHALL, Dechert; STEVE LEVINE, EarlyBird Capital; TINA PAPPAS, Morgan Joseph
9:00 - 9:50 AM
While present SPACs are still a viable investment for traders, investors and sponsors, future SPAC IPO structures will likely bear little resemblance to current SPACs and there are varying opinions as to just what will come next. This panel explores the state of current SPAC mergers and how lessons learned from past successes and failures will help to improve SPAC IPO product going forward.
MODERATOR: DOUG ELLENOFF, Ellenoff Grossman & Schole
PANELISTS: CRAIG GODSHALL, Dechert; STEVE LEVINE, EarlyBird Capital; TINA PAPPAS, Morgan Joseph
Using SPACs to Re-Capitalize Distressed Companies
9:55 - 10:45 AM
There are signs that credit markets are beginning to thaw. For many companies though, access to new credit is difficult. The $10 billion in cash in the current SPAC coffers, could offer the lifeline that overleveraged, yet otherwise healthy companies need to restructure and weather the downturn. This panel examines how to use SPACs to re-capitalize distressed companies.
MODERATOR: WILLIAM MORRO, InterAmerican Group
PANELISTS: ANDREW GARCIA, Pine River Capital; ROB SCHECHTER, Conversion Agents; ANDREW SHERMAN, Capitol Aquisition; MICHEAL TEW, SPAC Research Partners
9:55 - 10:45 AM
There are signs that credit markets are beginning to thaw. For many companies though, access to new credit is difficult. The $10 billion in cash in the current SPAC coffers, could offer the lifeline that overleveraged, yet otherwise healthy companies need to restructure and weather the downturn. This panel examines how to use SPACs to re-capitalize distressed companies.
MODERATOR: WILLIAM MORRO, InterAmerican Group
PANELISTS: ANDREW GARCIA, Pine River Capital; ROB SCHECHTER, Conversion Agents; ANDREW SHERMAN, Capitol Aquisition; MICHEAL TEW, SPAC Research Partners
Networking Break
10:50 - 11:15 AM
10:50 - 11:15 AM
Negotiating with Shareholders, Facilitating Mergers & Using Bridge Transactions
11:15 - 12:05 PM
Many SPACs are finding creative ways to bring in investors supportive of the merger. This panel examines how to work with shareholders to get the needed "yes" votes and look at structures designed to get deals over the finish line.
MODERATOR: DAVID BORIS, Pali Capital
PANELISTS: BRENDAN CARROLL, Victory Park Capital Advisors; RAMNARAIN JAIGOBIND, Rodman & Renshaw; DAVID LEVY, Platinum Partners; JASON MILLER, Sherman Group
11:15 - 12:05 PM
Many SPACs are finding creative ways to bring in investors supportive of the merger. This panel examines how to work with shareholders to get the needed "yes" votes and look at structures designed to get deals over the finish line.
MODERATOR: DAVID BORIS, Pali Capital
PANELISTS: BRENDAN CARROLL, Victory Park Capital Advisors; RAMNARAIN JAIGOBIND, Rodman & Renshaw; DAVID LEVY, Platinum Partners; JASON MILLER, Sherman Group
How to Create Post-Merger Liquidity: Transitioning into an Operating Company & Defining Post SPAC Success
12:10 - 1:00 PM
For SPACs, closing the merger is only the first step, having used much of the cash to close the deal. New obstacles will likely include recreating a shareholder base to support a liquid stock. This panel discusses strategies and tactics that can be implemented to create a dynamic investor base.
MODERATOR: JEFFREY SOMERS, Rothstein Kass
PANELISTS: ROB BERGER, Iron Hills Advisors; NATHAN LEIGHT, Terrapin Partners; ANDREW LERNER, Inter-Atlantic Financial; ERIC ROSENFELD, Crescendo Partners
12:10 - 1:00 PM
For SPACs, closing the merger is only the first step, having used much of the cash to close the deal. New obstacles will likely include recreating a shareholder base to support a liquid stock. This panel discusses strategies and tactics that can be implemented to create a dynamic investor base.
MODERATOR: JEFFREY SOMERS, Rothstein Kass
PANELISTS: ROB BERGER, Iron Hills Advisors; NATHAN LEIGHT, Terrapin Partners; ANDREW LERNER, Inter-Atlantic Financial; ERIC ROSENFELD, Crescendo Partners
Networking Luncheon
1:00 - 2:00 PM
1:00 - 2:00 PM
SPAC Sponsor Survey: Findings from NYSE Euronext
2:00 - 2:15 PM
Now that the existing SPAC structures have been around for some time, what have we learned? This session provides commentary on a survey of current SPAC principles conducted by NYSE Euronext, and presents the findings of this analysis.
SPEAKER: PAUL DORFMAN, NYSE Euronext
2:00 - 2:15 PM
Now that the existing SPAC structures have been around for some time, what have we learned? This session provides commentary on a survey of current SPAC principles conducted by NYSE Euronext, and presents the findings of this analysis.
SPEAKER: PAUL DORFMAN, NYSE Euronext
Emerging Market Opportunities: Exploring Foreign SPACs
2:20 - 3:10 PM
Half of the pending mergers now in the market are with companies in China, India and Canada. Another third of the SPACs yet to announce deals have stated hunting grounds in Asian markets. These panelists have a great deal of experience doing business in these countries, and share their thoughts on the potential for U.S. sponsors to create new foreign SPACs.
MODERATOR: MITCH NUSSBAUM, Loeb & Loeb
PANELISTS: MARK ADKINS, Blake, Cassels & Graydon; STEVE PINCUS, Goodmans LLP; KERRY PROPPER, Chardan Capital Markets
2:20 - 3:10 PM
Half of the pending mergers now in the market are with companies in China, India and Canada. Another third of the SPACs yet to announce deals have stated hunting grounds in Asian markets. These panelists have a great deal of experience doing business in these countries, and share their thoughts on the potential for U.S. sponsors to create new foreign SPACs.
MODERATOR: MITCH NUSSBAUM, Loeb & Loeb
PANELISTS: MARK ADKINS, Blake, Cassels & Graydon; STEVE PINCUS, Goodmans LLP; KERRY PROPPER, Chardan Capital Markets
Networking Break
3:15 - 3:35 PM
3:15 - 3:35 PM
Shareholder Activism: Understanding Activist Strategies
3:35 - 4:10 PM
For many investors SPACs are seen as a risk-proof investment with returns as high as 10% or more. Some of these investors have their own notion of the potential for a successful deal, and may push to recoup their money early rather than wait for time to run out on its own.
SPEAKERS: PHIL GOLDSTEIN, Bulldog Investors & MIKE POWELL, Pali Capital
3:35 - 4:10 PM
For many investors SPACs are seen as a risk-proof investment with returns as high as 10% or more. Some of these investors have their own notion of the potential for a successful deal, and may push to recoup their money early rather than wait for time to run out on its own.
SPEAKERS: PHIL GOLDSTEIN, Bulldog Investors & MIKE POWELL, Pali Capital
Restructuring Warrant Agreements
4:15 - 4:35 PM
The dilution to current shareholders when warrants are exercised is a significant block to bringing fundamental investors into a merger. Agreements could be struck to reduce the strike price or redeem a majority of a SPAC's warrants. This presentation examines the different options and when best to use them.
SPEAKERS: PETER BLUM & STEVE KAPLAN, Ladenburg Thalmann & Co.
4:15 - 4:35 PM
The dilution to current shareholders when warrants are exercised is a significant block to bringing fundamental investors into a merger. Agreements could be struck to reduce the strike price or redeem a majority of a SPAC's warrants. This presentation examines the different options and when best to use them.
SPEAKERS: PETER BLUM & STEVE KAPLAN, Ladenburg Thalmann & Co.
A Quantitative Review of the SPAC Market and Structure
4:40 - 5:00 PM
The overhang associated with SPACs significantly impedes their success in today's market conditions. This presentation examines and illustrates the quantitative details of the backlog of current SPACs.
SPEAKER: CHARLES ALLEN, Broadband Capital Management
4:40 - 5:00 PM
The overhang associated with SPACs significantly impedes their success in today's market conditions. This presentation examines and illustrates the quantitative details of the backlog of current SPACs.
SPEAKER: CHARLES ALLEN, Broadband Capital Management
Closing Remarks
5:00 PM
5:00 PM
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