In 2011 distressed investing professionals will step onto a playing field altered by landmark financial legislation and outcomes of the largest real estate and automaker bankruptcies. The 2011 Turnaround Management Association Distressed Investing Conference, January 26-28, at the Aria Resort in Las Vegas, aims to prep them for it.
Over two days, distressed investors, bankruptcy attorneys and corporate restructuring specialists will discuss consequences of reorganizations such as General Growth Properties (GGP), which exited bankruptcy transformed into two companies. Speakers also will deconstruct the Dodd-Frank Wall Street Reform and Consumer Protection Act to help dealmakers adjust to heightened government scrutiny.
Sessions include panels, an advanced education session and keynote speech by financial journalist James Grant, founder of Grant’s Interest Rate Observer and founding general partner of hedge fund Nippon Partners. Speakers for the following sessions are listed at http://www.turnaround.org/Events/dic.aspx:
Thursday, January 27
- Distressed Investments Against the Background of the Dodd-Frank Act: Navigating Wall Street Reform: What provisions of this 2,300-plus page Act are most crucial for hedge funds, private-equity funds and distressed investors?
- CMBS/REMIC: General Growth, Innkeepers, Stuyvesant Town and Beyond: The onus is on dealmakers to know how court rulings involving commercial mortgage-backed securities and real estate mortgage investment conduits may affect transactions.
- Advanced Case Study-The General Growth Restructuring Phase 2: In a brutal economy GGP surfaced from bankruptcy-court protection with creditors paid in full and equity holders banking on a rare recovery. What does this case portend for a sector on course to slam into a wall of debt maturities?
Friday, January 28
- Rights Offerings: Practical and Strategic Considerations: Allowing existing creditors to buy equity in a reorganized company has proved to be a double-edged sword; spreading the wealth in a resurgent business in some cases, elbowing out creditors in others.
- Loan to Own Plays – The Good, The Bad and The Ugly: A U.S. appeals court ruling involving credit bidding in a newspaper case stunned the industry. How can dealmakers avoid missteps in credit bidding and other strategies to acquire companies?
- Autos: Two Years Later: General Motors just completed an initial public offering and Chrysler’s IPO is slated for next year. Panelists reprise milestones in the government-brokered bankruptcies and their influence on future restructurings.
For the first time TMA will hold its opening reception with the Commercial Finance Association, an international trade association representing the asset-based lending and factoring industries. The Turnaround Capital Forum expands to 2 1/2-hours, allowing more face time with hedge funds, private-equity firms and other capital providers.
Chicago-based TMA, http://www.turnaround.org/, the only international nonprofit dedicated to corporate restructuring, turnaround management and distressed investing, has more than 9,000 members including turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants.