6th Global Forum on Investing in Distressed Debt

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1. CLE Presents Credits Available 6th Global Forum on Investing in Distressed Debt TM September 22-24, 2010 New York, NY Identify Lucrative Distressed Debt Investing Opportunities in a Crowded Market 25+ Industry Leaders and Experts, including: Pamela Lawrence Sandy Mayerson Jason New David Trucano Director Partner Senior Managing Director Managing Director Restoration Capital Squire Sanders & Blackstone GSO Capital Centerbridge Management Dempsey L.L.P. Partners Partners Rick Pfeiffer Galia Velimukhametova Tanja Aalto Peter Lupoff CEO Portfolio Manager Managing Director Founder Pfeiffer Malloy GLG Partners Barclays Capital Tiburon Captal Associates Topics for Discussion include: Industry-Leading Keynote Speakers Overview of where the distressed debt market State of the Market: Are We In Recovery Yet? stands during a turbulent 2010 and what to look for Dr. Edwin Burton in 2011 Professor of Economics, University of Virginia; The possibility of government and regulatory reform Chairman of Benefits & Actuarial Committee and implications for distressed debt investors Virginia Retirement System Top strategies from experts for finding value in the distressed marketplace Regulatory Keynote: Government Initiatives: New technologies and advances in the evaluation of What To Expect loans, mortgages and other distressed assets Joseph Borg Lessons of the global sovereign debt crisis Director Alabama Securities Commission Sponsor: Media Partners: 1-800-882-8684 www.distresseddebtforum.com 2. 6th A Snapshot of Our Outstanding Global Forum on Investing Speaker Faculty: in Distressed Debt TM Peter Lupoff Founder Tiburon Capital Galia Velimukhametova Portfolio Manager Identify Lucrative Distressed Debt Investing GLG Partners Jason New Opportunities in a Crowded Market Senior Managing Director Blackstone GSO Capital Partners September 22-24, 2010 New York, NY Tanja Aalto Managing Director Barclays Capital Bruce Blum Partner Charteries Investment Group Steve Miller We still dont know how big Manager of a shock this could end up Viking Partners is far from solid, which is one being. But the recovery reason why the US is suscepti Manish Kapoor emanate from Europe. ble to the problems that CEO West Wheelock Capital Professor Frederic Mishkin, Colu mbia University, Spiked-Onlin Sheryl Schwartz e, May 17, 2010 Former Managing Director TIAA-CREF Ian Davis Principal Dear Colleague, Lodging Capital Partners Sahm Adrangi Founder As I write this, market forces have continued to push distressed debt Kerrisdale Capital investment thought process. Distressed to the forefront of the global David Trucano debt investment opportunities now rewards for investors who successfu offer unparalleled Managing Director lly seek out the opportunities that returns and changes in regulatory polic are available. However, these Centerbridge Partners y and the behavior of asset holders Pamela Lawrence opportunities much harder to find. have made distressed Director Restoration Capital Management Investors are looking for answers as to how to maximize ROI, while learn Rana Mitra past. The emergence from the reces ing from the mistakes of the Principal sion and default and bankruptcy of assets of all sizes make this a time companies and real estate Atalaya Capital Management where distressed debt is seen as a once opportunity. In the midst of all of this in a lifetime investment Eric Kolchinsky activity, the Obama Administration Consultant, NAIC & Wisconsin Office of regulations against financial institution has warned of new s, with some potential initiatives spec The Commissioner of Insurance distressed assets. ifically addressing Gene Phillips Director Taking place in New York City from PF2 Securities Evaluations September 22-24, 2010, IQPCs 6th Investing in Distressed Debt will Global Forum on Rick Pfeiffer bring new insight to these and man distressed debt marketplace. Now y other issues in the CEO in its 6th successful year, the conferen Pfeiffer Malloy Associates than 150 senior decision-makers and ce brings together more investors from the distressed debt value Mark Boutwell meeting brings new insights including chain. This years a workshop from Tiburon Capitals CIO Formula of Investing, a look at the Peter Lupoff on the Kelly Sun Belt Capital Solutions state of the market from Dr. Edwin Virginia, and an examination of the Burton of the University of Jerome Fons future of the distressed portfolio from Neuberger Berman. Michael Holmberg of Executive Vice President Kroll Bond Ratings Attendees of IQPCs 6th Global Foru John Buck m on Investing in Distressed Debt will Director information and industry experienc benefit from the wealth of Versa Captial Management e shared over two full days of educ discussions, and networking opportuni ational sessions, panel Steven Kargman ties. President Take a few minutes to read through Kargman Associates the agenda and then make the decis Joseph Borg unequalled event. ion to attend this Director Alabama Securities Commission I look forward to meeting you in New Spencer Garfield York this September! Managing Director Hudson Realty Capital Jonathan Schultz Managing Principal Onyx Equities Sandy Mayerson Alex Simon Partner Program Director, Finance Confere Squire Sanders & Dempsey L.L.P. nces IQPC Eli Combs Managing Director Alden Global Capital Stewart Cohen COO Gordon Brothers Group Ronald Filler Attendee Breakdown Professor New York Law School 12% Institutional investors 14% Banks Joshua Ufberg 38% Hedge funds, asset 8% Auditors Principal Atalaya Capital Management managers & other buyside 7% Regulators Jeff Laliberte 16% Law firms 5% Other Principal Wheelock Street Capital 2 Register Today: Call 1-800-882-8684 www.distresseddebtforum.com 3. Pre-Conference Workshops Wednesday, September 22, 2010 Join us for three unique, interactive learning opportunities on emerging trends and concepts in distressed debt investing with known industry experts. A 9:00 11:30 8:30 Registration An Insiders Guide to Equipment Leasing Distressed business with high amounts of PP&E (Property, Plant & How You Will Benefit: Equipment) are unique opportunities for investors, and are becoming a Insight from a leader in the acquisition of equipment leases and growing facet of the distressed debt marketplace. Businesses with high illiquid credit assets PP&E, such as shipping companies, continue to emerge as strong Learn portfolio acquisition opportunities in distressed equipment candidates for distressed investments. during a time of credit crisis What You Will Learn: Rana Mitra The current outlook for commercial finance & equipment leasing Principal Opportunities in portfolio acquisitions in a distressed credit Atalaya Capital Management environment B 12:00 2:30 11:30 Registration (Boxed Lunch Will Be Served) A Portfolio Managers Guide to Investing In Distressed Credit With tremendous opportunities and valuations in distressed credit Recognizing when collateralized loan obligations (CLOs), mutual investing, investors need to look at the best ways to maximize their funds, pension funds and insurers will be forced to sell portfolio. Creating simplicity and identifying the best possible investments as quickly as possible is key. This workshop will take How You Will Benefit: investors through the process from the perspective of an portfolio Insight from a leading distressed portfolio manager as to how to manager active in the distressed debt space. identify the best opportunities Understanding the benefits of distressed debt in raising investor What You Will Learn: capital The process of investing and reviving a distressed company from start- to-finish Workshop leader is to be announced. Check the website at Best strategies for working with "zombie companies, which are www.distresseddebtforum.com for updates and announcements. insolvent but have not filed for bankruptcy C 3:00 5:30 2:30 Registration The Kelly Formula: An Experts Perspective Kellys Formula is an algorithm for maximizing winnings in bets. It was How You Will Benefit: developed by John Kelly, a scientist who worked at Bell Labs in the Utilizing the Kelly Formula to generate absolute returns with low 1950s, and was based on sizing bets when the gambler had an volatility edge. Peter Lupoff, founder of Tiburon Capital and an expert on Knowing the dangers of bogus math and empirical observances Kelly Formula, will focus on how investors can utilize the Formula in making investment decisions. Peter Lupoff Founder What You Will Learn: Tiburon Capital The history of the Kelly Formula and its applications in investing How the Kelly Formula is a relevant and effective tool for investing in distressed assets 3 Sponsor: 4. Main Conference Day One Thursday, September 23, 2010 7:30 Registration & Coffee 11:45 Guest Address: Distressed Debt Activism in the Age of Electronic Media 8:30 Chairpersons Opening Remarks One of the more fascinating developments across the hedge fund world Peter Lupoff has been the use of internet communication as part of an activist's Founder arsenal. Electronic media is increasingly becoming a powerful force in the Tiburon Capital distressed world, as well as activist investing in general, and the interplay between broadcasting an investors thesis to the hedge fund community 8:45 Regulatory Keynote Address: Government and the dynamics of a Chapter 11 proceeding are becoming increasingly Initiatives: What to Expect intertwined. The threat of new Government initiatives to control risky Sahm Adrangi transactions has investors asking questions. This panel will explore Founder the impact of initiatives over the past two years, including TARP, Kerrisdale Capital PPIP and TALF as well as the possibility of future changes in regulatory practices: 12:30 Networking Luncheon The effect of new government initiatives to control risky transactions has investors asking questions 1:30 Panel Discussion: Finding Opportunities in the Understanding the regulatory outlook going forward Distressed Debt Marketplace The effects of new government standards on distressed Institutional asset-holders are hanging on to their investments for a investments longer period of time. As a result, investors find themselves searching for Keeping existing investment strategies relevant when the rules new and creative ways to find deal opportunities. This panel will focus change on the top strategies for finding new distressed debt investments: Navigating the current lack of investment opportunities and distressed Joseph Borg Director debt product Most successful strategies for working with asset holders who are Alabama Securities Commission aging their books Mitigating risk under pressure to make deals by avoiding hazardous 9:30 Panel Discussion: Regulatory Outlook Following his address, our regulatory keynote speaker, Joseph Borg, investments will join a distinguished panel of experts from the legal, financial Tanja Aalto and academic fields who will discuss the possible changes and what Portfolio Manager they will mean for distressed debt investors. Barclays Capital Joseph Borg David Trucano Director Managing Director Alabama Securities Commission Centerbridge Partners Ronald Filler Joshua Ufberg Professor Principal New York Law School Atalay Capital 10:15 Morning Networking Break 2:15 Panel Discussion: Introduction to New Loan Level Products and Re-engineering Old Products for 11:00 Panel Discussion: 2010 in Review: A Look at a Today's Market Changing Landscape As investors search for new advantages in distressed debt investing, this A look back where the economy and the distressed debt market panel will look at both new business and legal initiatives to create new stands as we emerge from the Great Recession and where we are products , the legal implications of certain Court decisions on existing headed next: products, and how to create new products or change existing paradigms Analysis of the most impactful cases and deals of the past year to accomplish a desired result in today's business and legal environment. How regulatory changes have impacted distressed debt investing The panel will look at new products as well as appropriate legal Impact of increased media and public scrutiny on financial structures. institutions and investment banks How to structure bankruptcy-remote vehicles in the post-GGP world Understanding which new products and services can help hedge funds Jason New Senior Managing Director and private equity investors navigate distressed assets and mortgages Using alternative corporate structures to protect the lender Blackstone GSO Capital Partners Determining investor needs for credit information in real estate and John Buck other consumer spaces Director Evaluating how loan level modeling will impact investing activity Versa Capital Management Rick Pfeiffer Pamela Lawrence CEO Director Pfeiffer/Malloy Associates Restoration Capital Management Sandy Mayerson Partner Squire Sanders & Dempsey L.L.P. 4 Register Today: Call 1-800-882-8684 www.distresseddebtforum.com 5. Day One...continued 3:00 Panel Discussion: Lodging & Distressed Debt: 3:30 Afternoon Networking Break Finding the Best Investments in a Turbulent Time As some industries begin to emerge from the downturn in the 4:15 Interactive Roundtable Discussions economy, lodging and tourism industries continue a slow climb back to After an insightful day full of case studies, panels, and stability. Many projects, notably several Las Vegas casino developments presentations, this is your opportunity to debate your most critical have even ceased construction. This presentation will focus on where distressed debt issues within intimate groups of your peers. investors can find the best opportunities in this unpredictable space: Brainstorm solutions, make important new contacts and ask the The impact of overbuilding in the Sun Belt Areas (South Florida, Las questions you really need answers to. Places are limited on each Vegas) table, so make sure you register well in advance. Roundtables will New opportunities in gaming brought on by state budget crises and take place on the following key topics: the loosing of gambling regulations Investment strategies for assets that have ceased construction and 1. New FASB Accounting Standards: Navigating the Rule sales efforts Change What is the current state of the selling and acquisition environment How will asset holders react to an easier climate for owning now, 6-12 months from now? distressed assets? How has your company distinguished itself from its competitors, will it be different in the future? 2. FDIC and Whole Loans How have distressed notes been trading in terms of activity, basis What are the potential impacts to the recent changes in the notes, and asset classes? FDICs policy? A look at the activity of banks and lenders in the lodging space Bruce Blum 5:15 End of Main Conference Day One Partner Charteries Lodging Ian Davis Principal Lodging Capital Partners Jeff Laliberte Principal Wheelock Street Capital Main Conference Day Two Friday, September 24, 2010 7:30 Registration & Coffee countries in Europe and the Middle East, specifically: Greece, Spain, Italy, Ireland, Portugal, Abu Dhabi and Dubai. This panel will discuss the crisis of 8:30 Chairpersons Opening Remarks confidence as well as the widening of bond yield spreads and risk insurance on credit default swaps and global distressed debt investments Peter Lupoff Role that investors can play in recovery Founder Risks inherent in getting involved in crisis, existing impact on U.S. based Tiburon Capital companies Impact of the credit crisis in Greece and the devaluing of institutional 8:45 Keynote Address: State of the Market: Are We In and governmental assets Recovery Yet? Emerging currency issues and opportunities as a result of instability While many experts feel that the economy is recovering, others arent quite so optimistic. This address will discuss what we should expect out of the global Manish Kapoor economy over the next 12-24 months and how this will impact the distressed CEO debt market: West Wheelock Capital Impact of the overall economy on distressed debts and assets Determining which new opportunities are coming to the marketplace as a Steven Kargman President result of the changing economy Understanding the meaning of jobless recovery and other areas of the Kargman Associates economy that give reason for caution 10:15 Panel Discussion: Institutional Investors Roundup Dr. Edwin Burton More pension funds, family and wealth funds, and endowments are Professor of Economics, University of Virginia; Chairman of increasing allocations into distressed debt. This group of proven Benefits & Actuarial Committee institutional investors looks at the possibilities and challenges for their Virginia Retirement System organizations on focusing on distressed assets. Specific challenges for institutions and organizations investing in 9:30 Panel Discussion: Global Lessons: The Impact of a Crisis distressed debt In early 2010, fears of a sovereign debt crisis developed concerning some 5 Sponsor: 6. Day Two...continued Is now the time for endowment and pensions funds to increase investment 2:15 Real Estate Forum into the distressed space? As transformation continues in the way every type of real estate asset is Sheryl Schwartz valued, distressed debt investors need to stay ahead of these changes. This Former Managing Director panel will focus on how the process of investment in commercial and TIAA-CREF residential real estate has changed and what to look for in the near future: Upcoming changes in the appraisal of distressed real estate Dr. Edwin Burton Residential: breaking down the markets that are in decline versus markets Professor of Economics, University of Virginia; Chariman of on the rise Benefits & Actuarial Committee Commercial/Retail/Warehouse: detailed analysis of markets and regions Virginia Retirement System Spencer Garfield 11:00 Morning Networking Break Managing Director Hudson Realty Capital 11:45 Panel Discussion: Going Global: Foreign Distressed Jonathan Schultz Investment Opportunities Managing Principal The stagnation in the U.S. marketplace has caused some investors to look at Onyx Equities distressed investments overseas, particularly in Europe. This panel discussion will give investors an insight into the key factors affecting the global distressed Steve Miller marketplace Manager Tax implications for investors interested in overseas distressed investments Viking Partners Concerns about the instability of global markets v. the U.S. Highlighting the differences in regulation between U.S. and European 3:00 Case Study: Banking Re-Capitalization: What Would a Markets Liquid Market Mean for Your Portfolio? As large financial institutions focus more heavily on strengthening their Galia Velimukhametova liquidity, this presentation will give an assessment of the meaning of this shift Portfolio Manager for distressed debt investors: GLG Partners The role that investors can play in injecting capital into banks by buying Eli Combs more troubled assets Response to inconsistent government policies in reaction to bankruptcies Managing Director Impact of the effort by major banks to hold more liquid capital on potential Alden Global Capital investment opportunities 12:30 Panel Discussion: Can Credit Default Swaps Replace Mark Boutwell Ratings Agencies In Distressed Debt? Chief Investment Officer How ratings agencies examine assets that are undervalued by the market Sun Belt Capital Advances in the ongoing monitoring of distressed assets Approach of credit default swaps in distressed debt transactions 3:45 Panel Discussion: The Corporate Wind-Down Process Gene Phillips Many distressed companies reach a point when the business cannot Director successfully overcome various market and resource challenges. This panel will PF2 Securities look at the challenge and opportunity for investors to come in and pursue a course of action that protects the clients interests and maximizes recoveries Eric Kolchinsky for all parties. Consultant/NAIC & Wisconsin Office of The Commissioner of The investment benefits of asset liquidation. Insurance The complexities of wind down management. Dealing with existing financial issues involving creditors and clients during Jerome Fons Executive Vice President the takeover process. Kroll Bond Ratings Stewart Cohen COO 1:15 Networking Luncheon Gordon Brothers Group 4:30 End of Conference About Our Sponsor Sponsorship and Exhibition Squire, Sanders & Dempsey L.L.P.: With lawyers in 32 offices and 15 countries, Squire Sanders has one Opportunities of the broadest and most integrated bankruptcy and restructuring practices. Over the past several years Sponsorships and exhibits are excellent opportunities for your company alone, Squire Sanders has represented distressed companies, creditors to showcase its products and services to high-level, targeted decision- committees and purchasers of troubled companies with combined debt levels makers attending the 6th Global Forum on Investing in Distressed Debt. exceeding US$250 billion. Website: www.ssd.com IQPC and Finance IQ help companies like yours achieve important sales, marketing and branding objectives by setting aside a limited number of event sponsorships and exhibit spaces all of which are tailored to assist your organization in creating a platform to maximize Media Partners its exposure at the event. For more information on sponsoring or exhibiting at the 6th Global Forum on Investing in Distressed Debt, please contact Mario Matulich at 212-885-2719 or sponsorship@iqpc.com. 6 Register Today: Call 1-800-882-8684 www.distresseddebtforum.com 7. Presents 6th Global Forum on Investing TM in Distressed Debt TM Earn CLE Credits 5 EASY WAYS TO REGISTER: IQPC will seek CLE accreditation in those states requested by registrants which have continuing education requirements. This is subject to the rules, regulations and restrictions dictated by 1 Web: www.distresseddebtforum.com each individual state organization. Application for accreditation of this course or program in all 2 Call: 1-800-882-8684 CLE approved states is currently pending. To request CLE credits, please indicate so when 3 calling to register: 1-800-882-8684, or on the online registration form. Email: info@iqpc.com 4 Fax: 1-646-378-6025 5 Mail: IQPC 535 5th Avenue, 8th Floor, New York, NY 10017 (Email this form to info@iqpc.com or fax to 646-378-6025) YES! 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For more information, brochure constitute a trademark of IQPC. Unauthorized reproduction will be actionable please contact customer service at 1-800-882-8684. under the Lanham Act and common law principles. 7 Register Today: Call 1-800-882-8684 www.distresseddebtforum.com