Turnaround Management Association
2010 Distressed Investing Conference
January 27-29, 2010
Bellagio Resort, Las Vegas, NV
Updates as of December 20, 2009
AGENDA
Wednesday, January 27
1:00 p.m. – 4:00 p.m.
2:00 p.m. – 8:00 p.m.
4:00 p.m. – 5:00 p.m.
5:00 p.m. – 6:30 p.m.
6:30 p.m. – 8:00 p.m.
Thursday, January 28
7:00 a.m. – 7:00 p.m.
7:00 a.m. – 8:30 a.m.
7:30 a.m. – 8:30 a.m.
7:30 a.m. – 12:45 p.m.
8:30 a.m. – 11:15 a.m.
11:15 a.m. – 11:45 a.m.
11:45 a.m. – 12:45 p.m.
12:45 p.m. – 1:30 p.m.
1:45 p.m. – 2:45 p.m.
1:45 pm. – 5:15 p.m.
2:45 p.m. – 3:15 p.m.
2:45 p.m. – 7:30 p.m.
3:15 p.m. – 4:15 p.m.
4:15 p.m. – 5:30 p.m.
6:15 p.m. – 7:30 p.m.
Friday, January 29
7:30 a.m. – 9:00 a.m.
7:30 a.m. – 1:00 p.m.
8:00 a.m. – 12:00 p.m.
8:00 a.m. – 8:45 a.m.
9:00 a.m. – 10:30 a.m.
10:30 a.m. – 11:00 a.m.
11:00 a.m. – 12:30 p.m.
Chapter President’s Orientation
Registration Open
Executive Committee Meeting
Turnaround Capital Forum
Opening Reception
Co-sponsored by Greenberg Traurig LLP and Livingstone Partners LLC
Registration Open
TMA Board Meeting
Continental Breakfast in the Exhibit Hall
Sponsored by Jenner & Block LLP
Exhibit Hall Open
Conference Opening/Advanced Case Study – Circuit City’s Perfect Storm
Coffee Break in the Exhibit Hall
Sponsored by CRG Partners
“Meet the Money”
Buffet Lunch
Lunch and keynote session sponsored by AlixPartners
Luncheon Keynote Session: “Distressed Investing in 2010: Where Will the Opportunities Be?”
Lunch and keynote session sponsored by AlixPartners
Chapter Administrators’ Orientation
Coffee Break in Exhibit Hall
Exhibit Hall Open
Concurrent Sessions
A: Educational Session – “Where are the Banks Going?”
B: Educational Session – Operational Issues
Educational Session – “Industry Trends: Who Will Benefit From and Who Will Labor Under the
Economic Recovery”
Cocktail Reception in the Exhibit Hall
Sponsored by Locke Lord Bissell & Liddell LLP
COC Meeting
Registration Open
Exhibit Hall Open
Continental Breakfast in the Exhibit Hall
“Deal Autopsy: Lesson Learned”
Coffee Break in Exhibit Hall
“2010: A Real Estate Odyssey
HOTEL RESERVATIONS
December 31 Deadline for $149/night Group Rate
To reserve a room at the Bellagio, call 888-987-6667 or 702-693-8117. Reservation requests may also be faxed to 702-693-8547.
Mention “TMA” to receive the group room rate of $149/night, single or double occupancy. This rate is only available through
Thursday, December 31, 2009.
Turnaround Management Association
2010 Distressed Investing Conference
January 27-29, 2010
Bellagio Resort, Las Vegas, NV
Updates as of December 20, 2009
EDUCATIONAL PROGRAM (IN FORMATION)
Thursday, January 28, 2010, 8:30 a.m. – 11:15 a.m.
“Circuit City’s Perfect Storm”
Presenters: Robert J. Duffy, FTI Consulting, Inc.; Gregg M. Galardi, Skadden, Arps, Slate, Meagher & Flom LLP; Lawrence E. Klaff, GB
Merchant Partners; Edward R. Morrison, Columbia Law School; Richard M. Pachulski, Pachulski Stang Ziehl & Jones LLP
As Circuit City entered Chapter 11 in November 2008, the company faced collapsing sales, suppliers demanding more stringent
repayment terms and banks tightening credit supply and demanding a stranglehold over operations. It also faced an amended
Bankruptcy Code that siphons away available cash to pay recent trade debts, demands quick decisions about continuing or
terminating real estate leases and shortens the time during which the firm has an exclusive right to propose a reorganization plan.
Together, these forces upended the company’s plans for reorganization. Instead of jockeying to control the reorganization process,
bank lenders used the DIP loan to dictate a liquidation and direct Circuit City to use particular liquidators, who would later become
bidders at its own auctions.
This session will explore the legal, financial and operational issues that preceded Circuit City’s hemorrhage in Chapter 11.During the
first half of the session, Professor Morrison will lay out the issues. During the second half, a panel of experts, each with a direct
connection to the case, will engage the audience. Attendees will be able to:
 Determine whether Circuit City’s liquidation was the produce of a rare but perfect storm – a depressed economy, stressed
bank lenders and a hostile Bankruptcy Code
 Identify if the company’s experience points to patterns that we will continue to see – and that will continue to imperil
retailers – in the coming year(s)
 Discuss what this implies for companies, boards of directors, investors, creditors and service professionals going forward
Thursday, January 28, 2010, 11:45 a.m. – 12:45 p.m.
Meet the Money”
Moderator: Jonathan Rosenthal, Saybrook Capital LLC
Panel: Steve Hinrichs, Bank of America Business Capital; E. Gerald O’Brien II, CarVal Investors; Peter Spasov, Marlin Equity
Partners LLC
Thursday, January 28, 2010, 1:45 p.m. – 2:45 p.m.
Keynote Session: “Distressed Investing in 2010: Where Will the Opportunities Be?”
Moderator: Mark Shapiro, Barclays Capital
Panel: David Matlin, MatlinPatterson Global Advisers LLC
This panel of accomplished investors will discuss their views of the market and how they approach distressed investing. Don’t miss
this rare opportunity to gain insight from some of the industry’s leading professionals. From this session, attendees will learn:
 What the top professionals think the outlook will be for distressed investors in 2010
 How to think about real estate, financial institutions and other sectors that will be distressed in 2010
 What some of the trends were in 2009 for distressed investors and will they apply in 2010?
CONCURRENT SESSION
THURSDAY, JANUARY 28, 2010, 3:15 P.M. – 4:15 P.M.
“Where are the Banks Going?”
Moderator: Joseph S. Berry Jr., Keefe, Bruyette & Woods
Panel: Joseph A. Jiampietro, FDIC; Gregg H. Smith, Conway MacKenzie Inc.
More than a year after the government recapitalized the banking industry through TARP, bank balance sheets are still clogged with
distressed commercial borrowers. Over 125 banks have been placed into receivership by the FDIC. Many experts are predicting
continued headwinds. A multidisciplinary panel will address the current bank environment, including capital, operating issues and
regulatory environment for the banking industry. Attendees will be able to:
 Learn about issues banks are facing regarding distressed loans, capital adequacy, and options available to address these
issues
 Analyze current FDIC Loss Share Structures – is traditional M&A dead?
Turnaround Management Association
2010 Distressed Investing Conference
January 27-29, 2010
Bellagio Resort, Las Vegas, NV
Updates as of December 20, 2009
 Evaluate lending in the current environment – is there a new standard?
“Operational Issues”
Moderator: William K. Snyder, CTP, CRG Partners Group LLC
Panel: Carrianne Basler, AlixPartners; Thomas R. Califano, DLA Piper LLP (US); William R. Quinn, Versa Capital Management Inc.
Thursday, January 28, 2010, 4:00 p.m. – 5:30 p.m.
“Industry Trends: Who Will Benefit From and Who Will Labor Under the Economic Recovery”
Moderator: Ronald F. Greenspan, FTI Consulting, Inc.
Panel: Frank A. Merola, Jefferies & Company Inc.; Kevin Otus, Emerald Technology Valuations LLC
The nascent economic recovery will not treat everyone equally. A panel of experts will explore this idea further by highlighting the
evolving prospects for the following industries: technology, retail, commodities, durable goods, travel and hospitality and media and
entertainment. Attendees will learn how to:



Identify which industries are expected to see a quick boost
Determine which industries will see their prospects warm only after sustained economic improvement
Recognize which industries may actually see their margins shrink and competitive pressures erode their bottom line and
cash flow
Friday, January 29, 2010, 9:00 a.m. – 10:30 a.m.
“Deal Autopsy: Lessons Learned”
Moderator: Howard Brod Brownstein, CTP, NachmanHaysBrownstein Inc.
Panel: Leon V. Komkov, Longroad Asset Management LLC; Lewis J. Schoenwetter, Bayside Capital; James B. Shein, Northwestern
University Kellogg School of Management; John P. Tatum, Prophet Equity
The most brilliantly conceived transactions can sometimes go off the rails for reasons that are unanticipated, as well as for reasons
that might have been predicted. Hear from this panel of experts as they share their experiences of rim shots, air balls, and victories
that almost were. Attendees will be able to:
 Learn from real-world lessons pulled from the ‘deal morgue’
 Determine what makes deals go awry
Friday, January 29, 2010, 11:00 a.m. – 12:30 a.m.
“2010: A Real Estate Odyssey”
Moderator: Matthew Bordwin, KPMG Corporate Finance Inc.
Panel: Neil Aaronson, Hilco Real Estate LLC; Marc Blum, Next Realty, L.L.C.; Teddy Kaplan, Angelo, Gordon & Co.; Matthew B.
Schwab, Karlin Real Estate
The turmoil in the real estate markets over the last 18 months has changed the underlying fundamentals of the way investors,
lenders, landlords and lessees approach a real estate transaction. With unprecedented retail closings, lack of financing available for
transactions and staggering amounts of real estate debt coming due, 2010 and beyond will be an extremely interesting time for
those in the real estate world. The impact of how the market shakes out will have a far reaching effect on not only the real estate
market but the overall economic climate. Attendees will hear from and participate in an open discussion on how to:
 Forecast expectations as to how the market will evolve over the next year
 Understand strategies retailers and other tenants can undertake to help survive
 Invest strategically in real estate
 Gauge what lenders are looking for to invest in real estate transactions
REGISTRATION FEES
Register Online Today!
Unless otherwise indicated, registration fees include educational sessions, meals and social functions. Events are not
prorated. To attend any portion of the conference, you must register for the entire conference at the appropriate
registration fee. The registration fee allows admission for one individual only. Registrations may not be shared. Each
Turnaround Management Association
2010 Distressed Investing Conference
January 27-29, 2010
Bellagio Resort, Las Vegas, NV
Updates as of December 20, 2009
registered attendee will receive a name badge at the conference that must be worn for admittance into all educational
sessions, meals and social functions.
Category
TMA Member
Nonmember
Full-time Academic/Government Employee
Fee
$1,195
$1,395
$600
Registration Categories
 The member registration fee is for current, active TMA members only. Please note that TMA membership is on an
individual basis. Unless otherwise appropriate as defined below, all other attendees will be charged the
nonmember fee. If an individual registers for the member fee, but TMA has no membership record, the individual will
be charged the nonmember fee unless s/he can produce proof of membership.
 The full-time academic/government employee rate defines a full-time academic as a student enrolled in at least 12
credit hours per term at an accredited university or an instructor employed on a full-time basis by an accredited
university. Please submit appropriate documentation with your registration form.
 Registration received after January 20, 2009, will be subject to an on-site registration surcharge of $50 fee, as
detailed further below.
CONFERENCE SPONSORS
Platinum Sponsors
 Conway MacKenzie
Gold Sponsors
 DLA Piper US LLP
Event Sponsors
 AlixPartners
 BDO Consulting
 CRG Partners
 Getzler Henrich & Associates LLC
 Greenberg Traurig LLP
 Hilco Real Estate, LLC
 Jenner & Block LLP
 Livingstone Partners LLC
 Locke Lord Bisselll & Liddell LLP
 Skadden, Arps, Slate, Meagher & Flom LLP
Display Table Sponsors
 EPIQ Systems
 Industrial Auctioneers Association
 Insight Equity
 Melville Capital, LLC
 Prophet Equity
 Reefpoint LLC
 Windham Professionals Inc.
 Wingate Partners