• Mark Bloom
•Mark Duedall
• Maggie Smith, CIRA/CDBV
Association of Insolvency & Restructuring Advisors
AIRA’s
Conference Co-Chairs
Anniversary
1984/2009
th
Conference Sponsors:
AlixPartners, LLP | Alston + Bird LLP | Alvarez & Marsal | Arent Fox LLP | Bachecki Crom & Co. LLP
Bankruptcy Management Solutions | BBK | BDO Seidman, LLP | Bean Hunt & Company | Bederson & Company LLP
Berger Singerman | Bilzin Sumberg Baena Price & Axelrod LLP | Burr & Forman LLP | CRG Partners LLP
D.R. Payne & Associates Inc. | Dawson & Gerbic, LLP | Deloitte Financial Advisory Services LLP
Duane Morris LLP | FTI Consulting, Inc. | GlassRatner Advisory & Capital Group LLC | Gordon Brothers Group
Greenberg Traurig LLP | The Hilco Organization | Huron Consulting Group | Jones Day | Kapila & Company
KraftCPAs Turnaround & Restructuring Group PLLC | Lefoldt & Company | Macquarie Capital Advisors
Mesirow Financial Consulting LLC | Minerva Group LLC | Navigant Capital Advisors | Perkins Coie LLP
Phelps Consulting Group | Protiviti | RSM McGladrey, Inc. | Stutman, Treister & Glatt PC
Virchow, Krause and Company LLP | Weiser LLP | WilmerHale | Young Conaway Stargatt & Taylor LLP
Zolfo Cooper
AIRA’s
Keynote Speaker
Anniversary
1984/2009
th
Thursday Dinner
Carl E. Steidtmann
Carl Steidtmann, Chief Economist and Director of Deloitte Research – Consumer Business, is a nationally
recognized expert on economic forecasting of retail sales activity, consumer trends, technology, and general
economic trends.
Based in New York, Dr. Steidtmann works with individual clients to assess the impact of economic,
demographic, political, and technological changes on their business strategies. He has also testified on
numerous occasions as an expert witness on consumer business issues in both state and federal courts.
An award-winning instructor and systems analyst, Dr. Steidtmann was selected as one of the 25 most influential consultants
in 2003 by Consulting Magazine for his work in consumer spending forecasting. He earned his Ph.D., masters and bachelors
degrees from the University of Colorado, in economics, statistics, and history, respectively.
Wednesday
Michael Policano
Luncheon Speakers
For 25 years, Mike Policano provided restructuring advisory services to the workout and bankruptcy community. In 1990, Mike
co-founded Policano & Manzo, LLC which specialized in providing financial restructuring advisory services. Mike sold P&M
to FTI Consulting in 2000 and served as a co-head of FTI Consulting’s restructuring group. Mike retired in 2005 and currently
speaks at MBA programs including Villanova, Harvard Business School, Yale, and London Business School, and to professional
firms. He also advises the management of Silver Point Capital on various matters.
Friday – Government’s Economic Bailout Debate
Dennis J. Connolly
Dennis Connolly is the leader of Alston
& Bird’s Bankruptcy, Workouts and
Reorganization group. His practice
focuses on the representation of debtors,
creditors’ committees and other parties in
commercial bankruptcy cases. Mr. Connolly
has represented parties in interest in major
Chapter 11 cases for companies including Delta Air Lines,
Refco, Inc., Enron Corp., Zale Corporation, Einstein-Noah Bagel,
Inc., AmeriServe and Winn-Dixie. Mr. Connolly is a Fellow of
the American College of Bankruptcy. He is also a director of
the Southeastern Bankruptcy Law Institute.
J. Scott Victor
Mr. Victor has over 25 years of experience
in representing companies in Chapter 11
proceedings, workouts and restructurings.
He is an expert in the restructuring,
refinancing and sale of distressed middlemarket companies. As a Senior Managing
Director and Co-Head of the Special Situations Group of
National City Investment Banking, Scott provides investment
banking services focusing on the sale, turnaround financing,
restructuring and complex valuation of middle-market
companies facing operational and/or financial challenges
both in and out of Chapter 11 proceedings throughout the
U.S. and Europe.
Conference Hotel: The Ritz-Carlton Orlando, Grande Lakes
4040 Central Florida Parkway | Orlando, FL 32837
Reservations: 1800-576-5760 | www.grandelakes.com
Reserve by May 11 for special room rates – $229 single or double (additional person $20)
thank You to the planning committee for their efforts in making this conference a success
Larry Ahern (Burr & Forman LLP), Jeffrey Altshul (Perkins Coie LLP), Linda Baldwin (Hays Financial Consulting, LLC), David Bart (RSM McGladrey, Inc)
David Berliner (BDO Seidman LLP), Elizabeth Berry (Elizabeth Berry CPA), Mark Bloom (Greenberg Traurig), Allison Brumfield (Protiviti Inc.)
Jacqueline Calderin (Ehrenstein Charbonneau Calderin), John Caple (HIG Bayside Capital), Robert Caster (Herbein & Company), Joseph Dawson (Dawson & Gerbic)
Matthew Druckman (Berenfeld Spritzer Shechter and Sheer LLP), Mark Duedall (Houlihan Lokey), Raquel Edwards (Bankruptcy Management Solutions)
Leah Eisenberg (Arent Fox), Howard Fielstein (Margolin, Winer & Evens), Matthew Fisher (Huron Consulting Group LLC), Nina Gerbic (Dawson & Gerbic)
Charles Goldstein (Protiviti Inc.), Kevin Hamernik (Hamernik LLC), Greg Hays (Hays Financial Consulting, LLC), Jason Jones (Bilzin Sumberg Baena Price & Axelrod)
Franklind Lea (Tactical Financial), Barry Lefkowitz (Virchow Krause & Company LLP), John Lemanski (Margolin, Winer & Evens LLP)
Robert Lynch (Cross, Fernandez & Riley, LLP), Adam Marshall (McDonald Hopkins LLC), Scott Martinez (Zolfo Cooper), Daniel McMurray (Focus Management Group)
Scott Mell (AlixPartners), Timothy Norris (Duane Morris LLP), Reymond Perez (FTI Consulting), Ted Phelps (Phelps Consulting Group)
Clare Pierce (Development Specialists Inc.), Tony Sasso (Deloite Financial Advisory Services LLP), Durc Savini (Miller Buckfire & Co.),Mark Schumacher (BBK Ltd.)
Craig Simon (Jones Day), Maggie Smith (GlassRatner), Stephen Solomon (Adorno & Yoss LLP), Teri Stratton (Macquarie Capital Advisors)
Joel Waite (Young Conaway Stargatt & Taylor LLP), Dan Winnika (Jones Day)
Monday – Wednesday, June 8 – 10
CIRA Part 1
Part 1: Managing Turnaround and Bankruptcy Cases
• Financial statement analysis of troubled companies
• Causes of business failures
8:30 am - 5:30 pm
Monday
• Profitability improvements, including outsourcing
• Nuts and bolts: four-wall analysis, JIT and ABC, EVA
8:30 am - 5:30 pm
• Turnarounds and workouts: stages of turnaround process; operational/strategic
Tuesday
• Pre-bankruptcy planning
• Managing bankruptcy cases
8:30 am - 11:30 am
• Dealing with creditors and their committees
Wednesday
• Special investigations including preferences and fraudulent transfers
Objective of CIRA Program
To recognize by public awareness and by certification those individuals who possess a high degree of specialized, professional,
financial and operational expertise in the area of distressed and insolvent businesses. Such expertise includes accounting,
operations, managerial strategies, taxation and finance issues related to business bankruptcy and insolvency.
Course and Examination Format
The CIRA course of study is divided into three parts:
Part 1: Managing Turnaround and Bankruptcy Cases
Part 2: Plan Development
Part 3: Accounting, Financial Reporting and Taxes
The study course, one for each part, will involve some advance preparation (10-15 hours of reading) and a two and one-half-day course
with a three-hour examination given during the last day of the course.
Requirements for Certification
In order to enroll in the program, complete the course of study and take the examination, the candidate must:
1. Be a regular member of AIRA in good standing.
2. Possess at least a bachelor’s degree from an accredited college or university.
To receive the certification, the following additional requirements must be met:
1. Completion of five years of accounting or financial experience 1
2. Completion of 4,000 hours, within an eight-year period ending no earlier than the exam completion date, of specialized Business
Turnaround, Restructuring and Bankruptcy experience.2
3. Completion of the course of study and passing of all three parts of the uniform written examination within a three year period.
4. Pledging of oath regarding professional standards.
5. Three letters of reference (excluding candidate’s current employer or other members of candidate’s firm) attesting to character,
professional experience and specialized expertise.
1
Relevant experience includes public accounting, crisis management, consulting, investment banking, credit management, commercial banking or applicable
government experience (e.g. financial analyst with Office of the U.S. Trustee, Pension Benefit Guarantee Corporation, FBI and SBA, etc.)
2
Relevant experience includes: financial advisor for a trustee or debtor, creditor or equity holder committees, or specific creditors or equity holders;
business turnaround specialist, including business receivers and reorganization management or consultants; bankruptcy trustee; bankruptcy
examiner or accountant for examiner; educator and/or author of published works in the areas of business turnaround,restructuring and bankruptcy;
and expert witness regarding bankruptcy issues.
Continuing Education Requirements
Participants may receive 24 hours of CPE credits for each part of the CIRA course and examination. In accordance with the standards
of the National Registry of CPE Sponsors, CPE credits have been granted based on a 50-minute hour. To maintain your certification,
you are required to complete 60 hours (20 hours per year) of continuing professional education (CPE) credits related to turnaround,
restructuring and bankruptcy within each successive three-year period.
To register for this program, please indicate your interest on the registration form. You may also call the AIRA office at (541) 858-1665 or
register online at www.aira.org.
Fees and Refunds: Registration fee for each part is $650. The fee for government employees is $275. A full refund or credit will be made for parts that are
cancelled 10 business days before the part begins if all materials sent in advance of the course are returned. For parts cancelled with less than 10 business days notice,
credit toward a future part will be granted less a $75 service charge per part. For parts cancelled with less than 3 business days notice, credit toward a future part will
be granted less a $150 service charge per part.
Wednesday, June 10
Preconference
7:30–8:30am
8:30–5:15pm
Continental Breakfast Sponsored by WilmerHale
Bankruptcy Taxation: Finding Answers to your Tax Questions
Moderator: Jay Crom, CIRA (Bachecki Crom & Company LLP)
Speakers: Robert Liquerman (KPMG), Lee Zimet (Deloitte Tax LLP), Alan Barton,
CIRA (KPMG), Kenneth Weil (Law Office of Kenneth C. Weil), Dennis Bean, CIRA
(Bean Hunt & Company), M. Kathleen Klein (M. Kathleen Klein CPA), Elizabeth
Berry, CIRA (Elizabeth C. Berry CPA PLLC), Mark Wallace (Stutman Treister & Glatt
PC), Larry Strauss, CIRA (Larry Strauss ESQ CPA & Associates Inc)
The bankruptcy tax program is a comprehensive presentation addressing
common practice issues and recent developments including the continuing
impact of BAPCPA.
Corporate reorganization tax issues are analyzed through a case study and a
review of the basic rules governing debt relief, ownership change, planning
for preservation of tax attributes and dealing with consolidated entities.
Tax discharge and dealing with non-dischargeable taxes will be discussed
including tax liens and the potential benefits of Chapter 13.
Program deals with the changes arising from centralization of IRS bankruptcy
processes; compliance matters affecting estates of individuals; pre-bankruptcy,
debtor-in-possession and trustee tax planning opportunities; and planning
issues involving real property short sales, debt restructuring and foreclosure.
9:30–9:45am
Morning BReak Sponsored by RSM McGladrey, Inc.
FINANCIAL ADVISOR’S TOOLBOX: YOU’RE TALKING ABOUT
TEXACO. MY CLIENT IS JOE’S TEXACO.
Moderator: Matthew Schwartz, CIRA (Bederson & Company LLP)
Speakers: Hon. Francis Conrad, CIRA (Weiser LLP), Brian Hofmeister
(Teich Groh), Farley Lee, CIRA (Delloitte Financial Advisory Services LLP),
Linda P. Logan, CIRA (Office of the U.S. Trustee), Robert Morris, CIRA (ARG
Recovery LLC), Gregory A. Schaaf (Greenebaum Doll & McDonald PLLC ),
Susan Seabury (BDO Consulting), Jack Williams, CIRA/CDBV (Georgia
State University)
A number of years ago, someone attending an AIRA conference stood
up and lamented to the panel, “You’re talking about Texaco. My client
is Joe’s Texaco.”
This panel will answer questions related to small business bankruptcy
by following a privately owned small business as it works its way
through bankruptcy, by hearing from debtor’s counsel, committee
counsel, analyst from the U.S. Trustee’s Office and financial advisors.
Discussion topics: Who is the client, company or owner – where do
you draw the line; engagement and retention; creating a petition and
schedules from a shoebox; store and lease analysis; filing the plan;
avoidance actions; other issues related to the “small business.”
12:00–1:30pm Lunch with keynote speaker Michael Policano, selling profesional services
Co-Sponsored by Berger Singerman and The Hilco Organization
3:00–3:15pm
Afternoon BReak Sponsored by KraftCPAs Turnaround & Restructuring Group PLLC
6:30–8:30pm
Opening Reception Co-Sponsored by Alvarez & Marsal, BBK and Duane Morris LLP
Live Music Sponsored by Bilzin Sumberg Baena Price & Axelrod LLP
AIRA’s
Thursday, June 11
7:30–8:30am
Continental Breakfast Sponsored by GlassRatner Advisory & Capital Group LLC
8:30–8:40am
Welcome and opening remarks with Grant Stein (AIRA president)
Anniversary
1984/2009
th
8:40–10:15am State of the Union in the restructuring world
Moderator: Robert Medlin, CIRA (FTI Consulting, Inc.)
Speakers: Steve Zelin (The Blackstone Group), Ted Stenger (AlixPartners)
10:15–10:30am Morning Break Sponsored by Bachecki Crom & Co. LLP
10:30–12:00pm The Automotive Industry: What a Long,
Strange Trip It’s Been
Moderator: Mark Schumacher (BBK)
Speakers: Durc Savini (Miller Buckfire & Co.), Kevin
Crumbo, CIRA/CDBV (KraftCPAs Turnaround &
Restructuring Group PLLC), Heather Lennox (Jones Day),
Rod Lache (Deutsche Bank)
The turmoil in the credit markets and uncertain economic
outlook are wreaking havoc on the automotive industry,
both in North America and internationally. What will the
future hold?
1. North American sales & production outlook
2. Liquidity for the“Big-3”Detroit OEMs
3. Credit for dealer floor plan and consumer financing
4. Collateral damage: suppliers, dealerships, landlords
and communities
5. Outlook for rest of world
6. Opportunities for the turnaround professionals
What’s in Store in Retail Cases?
Moderator: David Berliner, CIRA (BDO Seidman LLP)
Speakers: Cory Lipoff (The Hilco Organization),
Lisa Poulin, CIRA (CRG Partners Group), Bill Mayer
(Wells Fargo Retail Finance), Blake Cleary (Young
Conaway Stargatt & Taylor)
Join experts in the retail industry as they provide
insights into what’s “in store” in retail distress.
They will discuss such relevant topics as the retail
lending environment, the real estate market’s
effect on creditor recoveries, operational pitfalls,
and other retail specific issues that must be dealt
with in today’s distressed retail workouts and
liquidations. These esteemed panelists have been
involved in many retail cases throughout the past
several years and have also participated in the
recent onslaught of retail cases.
7:30–9:30pm
Annual Dinner with Keynote speaker Carl E. Steidtmann
Co-Sponsored by Bankruptcy Management Solutions, Deloitte and
Huron Consulting Group
Dinner Wine Co-Sponsored by Bean Hunt & Company, D.R. Payne &
Associates, Inc., Kapila & Company and Lefoldt & Company
Award Ceremony – Zolfo Cooper/Randy Waits Awards
9:30–11:00pm Dessert Reception Co-Sponsored by Mesirow Financial Consulting, LLC
and PROTIVITI
AIRA’s
12:00–5:00pm Social Activities
6:30–7:30pm Cocktail Reception Sponsored by CRG Partners Group LLC
Current Trends
in
Healthcare
Restructurings
Moderator: Adam Dunayer (Houlihan Lokey)
Speakers: Paul W. Linehan (McDonald Hopkins,
LLC), Michael Quinn (Assured Guaranty, Ltd.), Kim
Brady (Navigant Capital Advisors)
The panel will discuss the effects of the current
economy on healthcare transactions, including
a discussion of the current cycle of distress
and its impact in the healthcare industry.
The panel will also address the effects of any
new administration policies on healthcare
transactions, and other drivers of valuations
and transactions in the healthcare arena.
Anniversary
1984/2009
th
Special ceremony honoring the founding
directors of AIA (AIRA) during the
Annual Dinner
AIRA’s
Anniversary
1984/2009
Friday, June 12
th
7:30–8:30am
Continental Breakfast Sponsored by Bederson & Company LLP
8:30–9:45am
Bailing Out the Government--Working
with Troubled Governmental Entities and
Understanding Chapter 9
Moderator: Lawrence R. Ahern, III (Burr & Forman LLP)
Speakers: Hon. Peter H. Carroll (US Bankruptcy
Court C. District of CA), Michael Hammond (Shattuck
Hammond Partners), Gary E. Klausner (Stutman, Treister
& Glatt PC)
Municipalities and other governmental entities have
suffered a variety of economic stresses in recent
months, including the collapse of the auction-rate bond
market in 2008. This panel will provide an overview, to
aid professionals who need basic information on this
topic, as well as an in-depth analysis of some of the
options in municipal reorganization.
It’s a Small World After All
Moderator: Mark Bloom (Greenberg Traurig)
Speakers: Hon. Francis Conrad, CIRA (Weiser
LLP), William Schrag (Duane Morris LLP), George
Kelakos (Kelakos Advisors), Nicole Horton
(Maquarie Capital Advisors)
Restructuring across borders is getting
increasingly more prevalent as more U.S.
businesses have overseas facilities and
relationships than ever before. This raises
many concerns as restructuring professionals
must learn to deal with cultural peculiarities,
differing legal systems, time differences, and a
multitude of issues they’ve never dealt with in
the U.S.
Small Business – Middle Market (SB–MM):
Bankruptcy
Accounting
and
Reporting Update
Moderator: Anthony Sasso, CIRA (Deloitte)
Speakers: James Lukenda, CIRA (Huron
Consulting Group), Steven Darr, CIRA/CDBV
(Mesirow Financial Consulting)
The
session
will
address
recent
pronouncements from the FASB regarding
matters that impact financial and other
reporting for distressed companies and
companies in bankruptcy. The panel will also
cover recent developments for reporting
promulgated by the Judicial Conference of
the United States.
9:45–10:00am Morning Break Sponsored by BDO Seidman LLP
10:00–11:15am Can I Borrow, Yet?
Moderator: David Baker (Aurora Management)
Speakers: Rich Shinder (Goldman Sachs), Gail Bernstein (PNC Business Credit), Scott Edwards
(Sun Capital Partners), Lawrence Klaff (GB Merchant Partners)
Without the availability of credit and due to the tightening of credit standards, many
companies are faced with a lack of liquidity, refinancing risk, and convenant violations. As a
result, many companies must learn to work with their existing lenders. The panel will discuss
which lenders are actually lending, the structures under which they are providing credit,
credit statistics, and how to work with existing lenders.
11:15–12:15pm In-Court vs. Out-of-Court Restructurings
Moderator: Daniel Winikka (Jones Day)
Speakers: Hon. Leif Clark (US Bankruptcy Court W. District of TX),
John Boken, CIRA (Zolfo Cooper), John Caple (H.I.G. Bayside Capital)
Panelists will discuss out of court restructuring alternatives, the
advantages and disadvantages of achieving a restructuring out
of court versus through a chapter 11 filing and the factors that
drive the determination of the best restructuring alternative
from the perspective of legal counsel, financial advisors and
buy-side private equity investors.
SB–MM Track:
Fun with Forensics
Speakers: Hon. Neil Olack (US Bankruptcy Court N. District
of MS), Nina Gerbic, CIRA (Dawson & Gerbic, LLP), Elizabeth
Berry, CIRA (Elizabeth C. Berry, CPA, PLLC)
Learn the methodology and tools needed for forensic
accounting in the bankruptcy arena. The session will
include practical tools, along with insights to effective
forensic investigation.
SB–MM Track:
Recessions and their Effects on the Small and Middle Market
Moderator: Franklind Lea, CIRA (Tactical Financial Consulting LLC)
Speaker: Scott Davis, CIRA (Grant Thornton LLP)
So you want to be a millionaire? Come to this session and learn how the current
economic downturn will affect financing for small and middle-market companies. This
program provides a historical overview of the economic times affecting small and middle
market businesses in an entertaining “Who Wants To Be A Millionaire” game show format.
Participants will leave better prepared to deal with changing economic trends.
12:25–1:55pm
Luncheon: Bailout vs. No Bailout (debate Format)
Sponsored by Greenberg Traurig LLP, Weiser LLP and Young Conaway Stargatt & Taylor LLP
Moderator: Mark Duedall (Houlihan Lokey)
Speakers: Dennis Connolly (Alston & Bird), J. Scott Victor (National City Banks)
With the benefit of several months under the new program, our speakers will engage in a lively debate over the $700 billion federal bailout, including
whether it was necessary, whether it has served any of its purposes, whether it should have been expanded to the automakers, and whether this is ushering
in a new era of federalization of American business. Expect fireworks!
2:00–3:00pm
TARP- Are we Bailing Faster than we
are Sinking?
Moderator: Jeffrey E. Altshul (Perkins Coie LLP)
Speakers: Dan Braun (Stark Investments),
Mike Kennelly (Huron Consulting Group)
Steve McBee (McBee Strategic Consulting)
The panel will discuss the Troubled Assets
Relief Program and whether there are
opportunities created by the program.
SB–MM Track:
Restructuring Without New Financing – Unlocking Value, Plan Confirmation and
Structured Dismissal
Moderator: Leah Eisenberg (Arent Fox LLP)
Speakers: Hon. Rosemary Gambardella (US Bankruptcy Court District of NJ), Jeff Sutton (Mahoney Cohen), Eric
Winston (Stutman, Treister & Glatt PC)
The Panel will discuss the strategies by which companies can restructure or parties can unlock value
in Chapter 11 proceedings in the absence of new financing or capital, including (a) give up, gifting
and reallocation under a Chapter 11 plan, (b) litigation and settlements and the control thereof and (c)
confirmation by use of a convenience class to serve as an impaired accepting class.
3:00-3:15pm
Afternoon Break Sponsored by BDO Seidman LLP
3:15–4:15pm
The Changing Landscape on Wall Street
Moderator: Warren Feder (Carl Marks Advisory Group)
Speakers: John Dischner, CIRA (AlixPartners), Bruce Moorehead (Hunt & Williams), Lawrence
Hirsh (Alvarez & Marsal)
What has been/will be the impact to the insolvency/bankruptcy process from the recent
changes on Wall Street? These plus other topics will be discussed: (a) Failures and/or bailouts
of global financial giants (b) Long-term impact of foreign investment and reduction in ability
for institutions to utilize leverage? (c) What changes, if any, will there be to the workout groups/
process at the major financial institutions? (d) Will there be a secondary market for distressed
investments? Who’s going to buy and when? (e) What will the credit markets look like once
they are “normalized”? (f) What will DIP and exit financing look like?
SB–MM Track:
Receivership – an Alternative to Bankruptcy
Moderator: Barry P. Lefkowitz, CIRA (Virchow Krause &
Company LLP)
Speakers: S. Gregory Hays, CIRA (Hays Financial
Consulting, LLC), Theodore G. Phelps, CIRA/CDBV (Phelps
Consulting Group), Douglas C. Bernstein (Plunkett Cooney,
P.C.), David Dantzler (Troutman Sanders)
A panel of experts from different regions of the country
discuss Federal and State Receiverships, recent trends in
appointments as an alternative to bankruptcy.
4:15–4:30pm
4:30–5:30pm
AIRA’s
Friday, June 12 (continued)
Margarita Break Sponsored by Dawson & Gerbic, LLP
Interplay between 1st, 2nd and 3rd liens
Moderator: David Miller, CIRA/CDBV (Macquarie Capital Advisors)
Speakers: Paul Ferdinands (King & Spalding), Reggie Dawson (Wachovia Capital
Finance), Andrew Hettinger (Cerberus Capital Management)
The panel will try to decipher the myriad of complex issues impacting current
restructurings, including the following and other issues: (a) When is a silent second
truly silent? (b) Cross-over holders in a restructuring (c) Options for junior liens when
the first lien acquires the company (d) Junior DIP and how it works (e) WestPoint
Stevens case and how has it impacted restructurings?
Anniversary
1984/2009
th
Buying Condos in Bulk – You May Be Getting More
Than You Bargained For
Moderator: Steven Solomon, CIRA (Adorno & Yoss)
Speakers: Richard Gaudet (GlassRatner), Jordan Paul (Related
Luber/Adler Investment Fund), Traci Rollins (Squire Sanders Dempsey),
Marc Beilinson (Minerva Group LLC)
The panel will discuss the potential risks and pitfalls of acquiring
condominiums in bulk. The panel will share their experiences from
a developer, financial advisor and legal perspective.
Saturday, June 13
7:30–8:30am
Continental Breakfast Sponsored by Stutman Treister & Glatt PC
8:30–9:45am
The Business Case for Diversity: Why is it top-of-mind to Corporate
America and Beyond?
Moderator: Rodolfo Pittaluga (Deloitte)
Speakers: Leyza Blanco (Gray Robinson), Carrie Lesser (Bank of America), Theresa
Cropper (Perkins Coie LLP), Fredrick H.L. McClure (DLA Piper), Prof. Blane Harding
(Colorado State University)
With boomers getting ready to retire, a declining workforce, and an expanding Global
Economy, the war for talent is becoming more fierce. What are corporate America
and colleges and universities doing to recruit, develop, and retain students and
professionals of diverse backgrounds, and why?
Small Business – Middle Market (SB–MM):
ETHICS: CURRENT ISSUES AND DILEMMAS
Moderator: Kevin Hamernik, CIRA (Hamernik LLC)
Speaker: Daniel McMurray (Focus Management Group), Tom
Jeremiassen, CIRA (LECG), Bruce Smith (Jager Smith PC)
Current scenarios in which bankruptcy and insolvency
practitioners face ethical dilemmas will be presented.
Discussion will focus on issues prevalent within small to middle
market cases and concerns that can be difficult to address.
9:45–10:00am Morning Break Sponsored by Virchow, Krause & Company LLP
10:00–11:15am Challenges and Strategies in Attaining Substantive Consolidation: Legal and Accounting Perspectives
Moderator: Robert P. Charbonneau (Ehrenstein Charbonneau Calderin)
Speakers: Hon. John K. Olsen (US Bankruptcy Court S. District of Florida), Prof. Jerry Arnold (University of Southern California), Elizabeth Evans (Analysis Group)
The nature and breadth of entities seeking bankruptcy protection in the current economic climate underscore the need for guidance in assessing the
desirability and viability of substantive consolidation in connection with restructuring. Compounding this need is the existence of different standards in
different Circuits. The panel will discuss the legal and accounting aspects of substantive consolidation in the current environment and offer suggestions as
to circumstances in which substantive consolidation is likely to be appropriate in the restructuring process.
11:15–12:30pm Commercial Real Estate: Practical Tips and New Pitfalls under an Obama Administration
Moderator: Roy S. Kobert (Broad and Cassel)
Speakers: Hon. Karen S. Jennemann (US Bankruptcy Court M. District of FL), Michael Straneva, CIRA (Ernst & Young), Gregg Logan (RCLCO), Robert Charles
(Real Estate Consultants)
Practical views straight from the Bankruptcy Bench, the Bankruptcy Bar and fellow insolvency and restructuring advisors, presented in Florida, 1 of 4 states
at the epicenter of this Recession. The commercial real estate landscape and its rules have changed in this post TARP world--are you ready?
Conference Social Activities
Golf Tournament (Thursday 12:45pm)
The Ritz-Carlton Golf Club ® provides golfers with an experience not typically found in Florida. The design, by two-time British Open Champion
Greg Norman, blends a variety of hazards to provide a challenging but fair test of a golfer's abilities. Water hazards, strategic bunker placement and
demanding greens result in an atmosphere reminiscent of a private course.
Co-Sponsored by – AlixPartners and Perkins Coie LLP
Drink Cart Sponsored by – Burr & Forman LLP
Kayaking Excursion (Thursday 1:00pm)
Our own Frank Conrad will be your guide on a kayaking adventure. Each year Frank leads a group ranging from novice to seasoned paddlers, adding fun and flare to the
outing. Group size is limited to provide optimal enjoyment for all participants; sign up early to ensure your spot.
Sponsored by – Weiser LLP
5K Run/Walk (Friday 6:00am)
For some early morning exercise, join the 5K Run/Walk and experience the local area along the course. A commemorative T-shirt will be awarded to all participants.
Sponsored by – Arent Fox LLP
Shamu Rocks Show and Dinner (Friday 6:30pm)
Shamu Rocks is a rock n’ roll concert of unprecedented proportions combining improvisational movements of killer whales with music remixed by
some of the hottest rock stars in the industry. Driven by an urban beat and colossal effects, Shamu and a team of skilled trainers take center stage
as killer whale performances transform the arena into joyous frenzy. Pushing the limits of a stadium performance through technical magnitude,
animal feats and creative prowess, Shamu Rocks provides guests with a one-of-a-kind experience only SeaWorld could create. Before the show,
guests will enjoy a private dinner and cocktail reception in the Ports of Call Gardens area of SeaWorld Park. Includes transportation.
Sponsored by – Phelps Consulting Group
Kennedy Space Center Tour (Saturday 12:30PM)
Tour NASA’s launch and landing facilities, experience live and IMAX theater shows, see rockets and space ships on display and have the
opportunity to meet a real member of NASA’s Astronaut Corps. Take your own vibrant journey of the Space Shuttle’s rush to Earth’s orbit on the
newest attraction, Shuttle Launch Experience. Box lunch and transportation provided. Family friendly.
Sponsored by – Minerva Group LLC
Thank you to these additional sponsors:
Navigant Capital Advisors – Conference Binders
Alston & Bird LLP – Conference CD’s
Macquarie Capital Advisors – Hotel Key Cards
Bankruptcy Management Solutions – Namebadge Lanyards
Gordon Brothers – Pocket Agenda
Jones Day – Registration Envelopes
FTI Consulting, Inc – Totebags
AIRA’s
Anniversary
1984/2009
Registration
th
Ritz Carlton
June 10 – 13, 2009
Orlando, Florida
Phone: 541-858-1665
Fax: 541-858-9187 E-mail: aira@aira.org
Mail: AIRA Fund for Education, 221 Stewart Ave., Suite 207, Medford, OR 97501
Easy online registration: www.aira.org

Name
Name As it should appear on badge
Firm
AIRA Fund for Education
221 Stewart Ave., Suite 207
Medford, OR 97501
Address
City
State
Phone
Fax
Zip
Email
CPE Requested________State_____________ CLE Requested_ __________State___________
I am a:
CIRA
CDBV
Member
Non-Member
Financial Advisor/CPA
Attorney
Investment Banker
Preconference Seminars
(Wednesday, 8:30–5:15pm)
Bankruptcy Taxation
Financial Advisor’s Toolbox
Conference Concurrent Sessions (Small Business Middle Market in orange)
(Thursday, 10:30–12:00pm)
(Friday, 8:30–9:45am)
(Friday, 10:00–11:15am)
(Friday, 11:15–12:15pm)
(Friday, 2:00–3:00pm)
(Friday, 3:30–4:30pm)
(Friday, 4:30–5:30pm)
(Saturday, 8:30–9:45am)
Automotive
Bailing Out the Government
Can I Borrow, Yet?
In Court vs. Out-of-Court
TARP
Changing Landscape
1st, 2nd and 3rd Liens
Diversity in Business
CIRA Part 1 (Monday - Wednesday) Wednesday Preconference Seminar Only (includes lunch) Wednesday Lunch with Michael Policano (only)
Conference Only* (Thursday - Saturday) Conference & Wednesday Preconference Seminar* US Trustees, Bankruptcy Judges and Staff Retail
Healthcare
It’s a Small World
Bankruptcy Accounting
Fun with Forensics
Recessions in Small Middle Markets
Restructuring without New Financing
Receivership
Buying Condos in Bulk
Ethics
On or Before May 11
After May 11
Member Non-Member* Member Non-Member*
** ** ** **
$300 $300 $330 $330
$65
$65
$65
$65
$550 $625 $620 $695
$725 $800 $795 $875
$60 Preconference Seminar
$125 Conference Fee
$
$
$
$
__________
__________
__________
__________
$ __________
*fee includes membership in AIRA thru 05/31/2010 for first time members only – a $225 value
**To register for the CIRA Part 1 Program please complete the CIRA Registration form on our website www.aira.org.
 Cut here to fax or mail in registration
Social Activities
Wednesday Opening Reception (included with registration)
Thursday Annual Dinner (included with registration)
Guest Registration: Includes Wed. Opening Reception, Thursday Cocktail Reception, Dinner and Dessert Reception
and all Breakfasts and Breaks...............................................................................................................for __________ person(s) @ $125 Thursday Golf Tournament (Handicap_ ________ ).........................................................................................for __________ person(s) @ $150
Thursday Kayaking (Limited Space).......................................................................................................................for_ _________ person(s) @ $60 Friday 5K Run/Walk (Includes T-Shirt, circle size S, M, L, XL).........................................................................for_ _________ person(s) @ $20 Friday Shamu Rocks Show and Dinner.................................................................................................................for_ _________ Adult
@ $200 . ...........................................................................................................................................................................................for_ _________ Child
@ $80
Saturday Kennedy Space Center Tour..................................................................................................................for_ _________ Adult
@ $100
. ...........................................................................................................................................................................................for_ _________ Child
@ $80
Club rental is available for $75. If you are interested in renting please indicate gender & right/left hand
Guest Name (if golf, include handicap)
payment by: check (enclosed) or Credit Card (check one)
Visa
Mastercard
American Express
Discover
= $_ _________
= $_ _________
= $_ _________
= $_ _________
= $_ _________
= $_ _________
= $_ _________
= $_ _________
Total Charges: $ __________
Credit Card:________________________________________ Exp:___________ Signature:_ _____________________________________
Cancellation/Refund Policy: Written cancellation for conference or any social activities must be received by Friday, May 11, 2009 for a full refund,
less a $75 cancellation processing fee. Registrations will not be processed until payment is received. Those who register early, but fail to pay until after
May 11, 2009, will be charged the regular registration fee. No refunds will be made after May 11, 2009, however, substitutions will be allowed.
AIRA’s
Association of Insolvency and Restructuring Advisors
221 Stewart Ave., Ste. 207
Medford, OR 97501
Anniversary
1984/2009
th
 Phone: 541-858-1665
Fax: 541-858-9187
Mail: AIRA Fund for Education, Ltd., 221 Stewart Ave., Suite 207, Medford, OR 97501
E-mail: aira@aira.org
Non-Profit
Organization
U.S. Postage
PAID
Medford, OR
Permit No. 404

Internet: www.aira.org
25th Annual
AIRA
Bankruptcy and Restructuring Conference
June 10 – 13, 2009
Orlando, Florida
CPE and CLE Credits
Up to 8 hours of CPE credit for either preconference seminar (Bankruptcy Taxation or Financial Advisor’s Toolbox) and up to 16 CPE and 13 CLE*
hours of credit for the 25th Annual Restructuring Conference. CIRA participants may receive 24 hours of CPE credit for attending Part 1 of the
CIRA examination in accordance with the standards of the National Registry of CPE Sponsors. All CPE credits have been calculated based on a
50-minute hour. All CLE credits have been calculated on a 60-minute hour (however, some states award credit based on a 50 minute hour).
*Approval pending for some states.
The Association of Insolvency & Restructuring Advisors (AIRA)
Association of Insolvency and Restructuring Advisors is registered with the National Association of State Boards of
Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State
boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding
registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700,
Nashville, TN, 37219-2417. Website: www.nasba.org.