6th global forum on investing in distressed debt

in Distressed DebtTM

Global Forum on Investing6th

Presents

CLE Credits

Available

Pamela LawrenceDirectorRestoration CapitalManagement

Rick PfeifferCEOPfeiffer MalloyAssociates

Sandy MayersonPartnerSquire Sanders &Dempsey L.L.P.

Galia VelimukhametovaPortfolio ManagerGLG Partners

Jason NewSenior Managing DirectorBlackstone GSO CapitalPartners

Tanja AaltoManaging DirectorBarclay’s Capital

David TrucanoManaging DirectorCenterbridgePartners

Peter LupoffFounderTiburon Captal

25+ Industry Leaders and Experts, including:

• Overview of where the distressed debt marketstands during a turbulent 2010 and what to look forin 2011

• The possibility of government and regulatory reformand implications for distressed debt investors

• Top strategies from experts for finding value in thedistressed marketplace

• New technologies and advances in the evaluation ofloans, mortgages and other distressed assets

• Lessons of the global sovereign debt crisis

Topics for Discussion include:“State of the Market: Are We ‘In Recovery’ Yet?”

Dr. Edwin BurtonProfessor of Economics, University of Virginia;Chairman of Benefits & Actuarial CommitteeVirginia Retirement System

“Regulatory Keynote: Government Initiatives:What To Expect”

Joseph BorgDirectorAlabama Securities Commission

Industry-Leading Keynote Speakers

1-800-882-8684 • www.distresseddebtforum.com

Sponsor: Media Partners:

Identify Lucrative Distressed Debt InvestingOpportunities in a Crowded Market

September 22-24, 2010New York, NY

Dear Colleague,

As I write this, market forces have continued to push distressed debt to the forefront of the globalinvestment thought process. Distressed debt investment opportunities now offer unparalleledrewards for investors who successfully seek out the opportunities that are available. However, thesereturns and changes in regulatory policy and the behavior of asset holders have made distressedopportunities much harder to find.

Investors are looking for answers as to how to maximize ROI, while learning from the mistakes of thepast. The emergence from the recession and default and bankruptcy of companies and real estateassets of all sizes make this a time where distressed debt is seen as a once in a lifetime investmentopportunity. In the midst of all of this activity, the Obama Administration has warned of newregulations against financial institutions, with some potential initiatives specifically addressingdistressed assets.

Taking place in New York City from September 22-24, 2010, IQPC’s 6th Global Forum onInvesting in Distressed Debt will bring new insight to these and many other issues in thedistressed debt marketplace. Now in its 6th successful year, the conference brings together morethan 150 senior decision-makers and investors from the distressed debt value chain. This year’smeeting brings new insights including a workshop from Tiburon Capital’s Peter Lupoff on the KellyFormula of Investing, a look at the state of the market from Dr. Edwin Burton of the University ofVirginia, and an examination of the future of the distressed portfolio from Michael Holmberg ofNeuberger Berman.

Attendees of IQPC’s 6th Global Forum on Investing in Distressed Debt will benefit from the wealth ofinformation and industry experience shared over two full days of educational sessions, paneldiscussions, and networking opportunities.

Take a few minutes to read through the agenda and then make the decision to attend thisunequalled event.

I look forward to meeting you in New York this September!

Alex SimonProgram Director, Finance ConferencesIQPC

A Snapshot of OurOutstandingSpeaker Faculty:

Peter LupoffFounderTiburon CapitalGalia VelimukhametovaPortfolio ManagerGLG Partners Jason NewSenior Managing DirectorBlackstone GSO Capital Partners Tanja AaltoManaging DirectorBarclays Capital Bruce BlumPartnerCharteries Investment Group Steve MillerManagerViking Partners Manish KapoorCEOWest Wheelock Capital Sheryl SchwartzFormer Managing DirectorTIAA-CREF Ian DavisPrincipalLodging Capital Partners Sahm AdrangiFounderKerrisdale Capital David TrucanoManaging DirectorCenterbridge PartnersPamela LawrenceDirectorRestoration Capital ManagementRana MitraPrincipalAtalaya Capital Management Eric KolchinskyConsultant, NAIC & Wisconsin Office ofThe Commissioner of Insurance Gene PhillipsDirectorPF2 Securities EvaluationsRick PfeifferCEOPfeiffer Malloy Associates Mark BoutwellCIOSun Belt Capital Solutions Jerome FonsExecutive Vice PresidentKroll Bond Ratings John BuckDirectorVersa Captial ManagementSteven KargmanPresidentKargman Associates Joseph BorgDirectorAlabama Securities Commission Spencer GarfieldManaging DirectorHudson Realty CapitalJonathan SchultzManaging PrincipalOnyx EquitiesSandy MayersonPartnerSquire Sanders & Dempsey L.L.P.Eli CombsManaging DirectorAlden Global Capital Stewart CohenCOOGordon Brothers Group Ronald FillerProfessorNew York Law School Joshua UfbergPrincipalAtalaya Capital Management Jeff LalibertePrincipalWheelock Street Capital

2 Register Today: Call 1-800-882-8684 • www.distresseddebtforum.com



Identify Lucrative Distressed Debt InvestingOpportunities in a Crowded MarketSeptember 22-24, 2010 • New York, NY

‘‘We still don’t know how big of a shock this could end up being. But the recoveryis far from solid, which is one reason why the US is susceptible to the problems thatemanate from Europe.”Professor Frederic Mishkin, Columbia University, Spiked-Online, May 17, 2010

■ 12% Institutional investors ■ 38% Hedge funds, asset

managers & other buyside■ 16% Law firms

■ 14% Banks■ 8% Auditors■ 7% Regulators■ 5% Other

Attendee Breakdown

B

C

9:00 – 11:30 8:30 Registration

How You Will Benefit:• Insight from a leader in the acquisition of equipment leases and

illiquid credit assets• Learn portfolio acquisition opportunities in distressed equipment

during a time of credit crisis

Rana MitraPrincipalAtalaya Capital Management

An Insider’s Guide to Equipment Leasing

A Portfolio Manager’s Guide to Investing In Distressed Credit

Distressed business with high amounts of PP&E (Property, Plant &Equipment) are unique opportunities for investors, and are becoming agrowing facet of the distressed debt marketplace. Businesses with highPP&E, such as shipping companies, continue to emerge as strongcandidates for distressed investments.

What You Will Learn:• The current outlook for commercial finance & equipment leasing• Opportunities in portfolio acquisitions in a distressed credit

environment

Join us for three unique, interactive learning opportunities on emerging trends and concepts in distressed debtinvesting with known industry experts.

A

12:00 – 2:30 11:30 Registration (Boxed Lunch Will Be Served)

• Recognizing when collateralized loan obligations (CLOs), mutualfunds, pension funds and insurers will be forced to sell

How You Will Benefit:• Insight from a leading distressed portfolio manager as to how to

identify the best opportunities• Understanding the benefits of distressed debt in raising investor

capital

Workshop leader is to be announced. Check the website atwww.distresseddebtforum.com for updates and announcements.

With tremendous opportunities and valuations in distressed creditinvesting, investors need to look at the best ways to maximize theirportfolio. Creating simplicity and identifying the best possibleinvestments as quickly as possible is key. This workshop will takeinvestors through the process from the perspective of an portfoliomanager active in the distressed debt space.

What You Will Learn:• The process of investing and reviving a distressed company from start-

to-finish• Best strategies for working with "zombie companies”, which are

insolvent but have not filed for bankruptcy

The Kelly Formula: An Expert’s Perspective3:00 – 5:30 2:30 Registration

How You Will Benefit:• Utilizing the Kelly Formula to generate absolute returns with low

volatility• Knowing the dangers of “bogus math” and empirical observances

Peter LupoffFounderTiburon Capital

Kelly’s Formula is an algorithm for maximizing winnings in bets. It wasdeveloped by John Kelly, a scientist who worked at Bell Labs in the1950’s, and was based on sizing bets when the gambler had an“edge.” Peter Lupoff, founder of Tiburon Capital and an expert onKelly Formula, will focus on how investors can utilize the Formula inmaking investment decisions.

What You Will Learn:• The history of the Kelly Formula and it’s applications in investing• How the Kelly Formula is a relevant and effective tool for investing in

distressed assets

3

Pre-Conference WorkshopsWednesday, September 22, 2010

Sponsor:

7:30 Registration & Coffee

8:30 Chairperson’s Opening RemarksPeter LupoffFounderTiburon Capital

8:45 Regulatory Keynote Address: GovernmentInitiatives: What to ExpectThe threat of new Government initiatives to control riskytransactions has investors asking questions. This panel will explorethe impact of initiatives over the past two years, including TARP,PPIP and TALF as well as the possibility of future changes inregulatory practices:• The effect of new government initiatives to control risky

transactions has investors asking questions• Understanding the regulatory outlook going forward• The effects of new government standards on distressed

investments• Keeping existing investment strategies relevant when the rules

change


9:30 Panel Discussion: Regulatory OutlookFollowing his address, our regulatory keynote speaker, Joseph Borg,will join a distinguished panel of experts from the legal, financialand academic fields who will discuss the possible changes and whatthey will mean for distressed debt investors.


Ronald FillerProfessorNew York Law School

10:15 Morning Networking Break

11:00 Panel Discussion: 2010 in Review: A Look at aChanging LandscapeA look back where the economy and the distressed debt marketstands as we emerge from the Great Recession and where we areheaded next:• Analysis of the most impactful cases and deals of the past year• How regulatory changes have impacted distressed debt investing• Impact of increased media and public scrutiny on financial

institutions and investment banks

Jason NewSenior Managing DirectorBlackstone GSO Capital Partners

John BuckDirectorVersa Capital Management

Pamela LawrenceDirectorRestoration Capital Management

11:45 Guest Address: “Distressed Debt Activism in the Ageof Electronic Media”One of the more fascinating developments across the hedge fund worldhas been the use of internet communication as part of an activist'sarsenal. Electronic media is increasingly becoming a powerful force in thedistressed world, as well as activist investing in general, and the interplaybetween broadcasting an investor’s thesis to the hedge fund communityand the dynamics of a Chapter 11 proceeding are becoming increasinglyintertwined.

Sahm AdrangiFounderKerrisdale Capital

12:30 Networking Luncheon

1:30 Panel Discussion: Finding Opportunities in theDistressed Debt MarketplaceInstitutional asset-holders are hanging on to their investments for alonger period of time. As a result, investors find themselves searching fornew and creative ways to find deal opportunities. This panel will focuson the top strategies for finding new distressed debt investments:• Navigating the current lack of investment opportunities and distressed

debt product• Most successful strategies for working with asset holders who are

aging their books• Mitigating risk under pressure to make deals by avoiding hazardous

investments

Tanja AaltoPortfolio ManagerBarclays Capital

David TrucanoManaging DirectorCenterbridge Partners

Joshua UfbergPrincipalAtalay Capital

2:15 Panel Discussion: Introduction to New Loan LevelProducts and Re-engineering Old Products forToday's MarketAs investors search for new advantages in distressed debt investing, thispanel will look at both new business and legal initiatives to create newproducts , the legal implications of certain Court decisions on existingproducts, and how to create new products or change existing paradigmsto accomplish a desired result in today's business and legal environment.The panel will look at new products as well as appropriate legalstructures.• How to structure bankruptcy-remote vehicles in the post-GGP world • Understanding which new products and services can help hedge funds

and private equity investors navigate distressed assets and mortgages• Using alternative corporate structures to protect the lender• Determining investor needs for credit information in real estate and

other consumer spaces• Evaluating how loan level modeling will impact investing activity

Rick PfeifferCEOPfeiffer/Malloy Associates

Sandy MayersonPartnerSquire Sanders & Dempsey L.L.P.

Main Conference Day OneThursday, September 23, 2010


3:00 Panel Discussion: Lodging & Distressed Debt:Finding the Best Investments in a Turbulent TimeAs some industries begin to emerge from the downturn in theeconomy, lodging and tourism industries continue a slow climb back tostability. Many projects, notably several Las Vegas casino developmentshave even ceased construction. This presentation will focus on whereinvestors can find the best opportunities in this unpredictable space:• The impact of overbuilding in the Sun Belt Areas (South Florida, Las

Vegas)• New opportunities in gaming brought on by state budget crises and

the loosing of gambling regulations• Investment strategies for assets that have ceased construction and

sales efforts• What is the current state of the selling and acquisition environment

now, 6-12 months from now?• How has your company distinguished itself from its competitors, will

it be different in the future?• How have distressed notes been trading in terms of activity, basis

notes, and asset classes? • A look at the activity of banks and lenders in the lodging space

Bruce BlumPartnerCharteries Lodging

Ian DavisPrincipalLodging Capital Partners

Jeff LalibertePrincipalWheelock Street Capital

3:30 Afternoon Networking Break

4:15 Interactive Roundtable DiscussionsAfter an insightful day full of case studies, panels, andpresentations, this is your opportunity to debate your most criticaldistressed debt issues within intimate groups of your peers.Brainstorm solutions, make important new contacts and ask thequestions you really need answers to. Places are limited on eachtable, so make sure you register well in advance. Roundtables willtake place on the following key topics:

1. New FASB Accounting Standards: Navigating the RuleChange• How will asset holders react to an easier climate for owning

distressed assets?

2. FDIC and Whole Loans• What are the potential impacts to the recent changes in the

FDIC’s policy?

5:15 End of Main Conference Day One

7:30 Registration & Coffee

8:30 Chairperson’s Opening RemarksPeter LupoffFounderTiburon Capital

8:45 Keynote Address: State of the Market: Are We “InRecovery” Yet?While many experts feel that the economy is recovering, others aren’t quite sooptimistic. This address will discuss what we should expect out of the globaleconomy over the next 12-24 months and how this will impact the distresseddebt market:• Impact of the overall economy on distressed debts and assets• Determining which new opportunities are coming to the marketplace as a

result of the changing economy• Understanding the meaning of jobless recovery and other areas of the

economy that give reason for caution

Dr. Edwin BurtonProfessor of Economics, University of Virginia; Chairman ofBenefits & Actuarial CommitteeVirginia Retirement System

9:30 Panel Discussion: Global Lessons: The Impact of a CrisisIn early 2010, fears of a sovereign debt crisis developed concerning some

countries in Europe and the Middle East, specifically: Greece, Spain, Italy,Ireland, Portugal, Abu Dhabi and Dubai. This panel will discuss the crisis ofconfidence as well as the widening of bond yield spreads and riskinsurance on credit default swaps and global distressed debt investments• Role that investors can play in recovery• Risks inherent in getting involved in crisis, existing impact on U.S. based

companies• Impact of the credit crisis in Greece and the devaluing of institutional

and governmental assets• Emerging currency issues and opportunities as a result of instability

Manish KapoorCEOWest Wheelock Capital

Steven KargmanPresidentKargman Associates

10:15 Panel Discussion: Institutional Investors RoundupMore pension funds, family and wealth funds, and endowments areincreasing allocations into distressed debt. This group of proveninstitutional investors looks at the possibilities and challenges for theirorganizations on focusing on distressed assets.• Specific challenges for institutions and organizations investing in

distressed debt

5

Main Conference Day TwoFriday, September 24, 2010

Sponsor:

Day One...continued


Squire, Sanders & Dempsey L.L.P.: With lawyers in32 offices and 15 countries, Squire Sanders has oneof the broadest and most integrated bankruptcy andrestructuring practices. Over the past several years

alone, Squire Sanders has represented distressed companies, creditors’committees and purchasers of troubled companies with combined debt levelsexceeding US$250 billion. Website: www.ssd.com

Sponsorships and exhibits are excellent opportunities for your companyto showcase its products and services to high-level, targeted decision-makers attending the 6th Global Forum on Investing in Distressed Debt.IQPC and Finance IQ help companies like yours achieve importantsales, marketing and branding objectives by setting aside a limitednumber of event sponsorships and exhibit spaces – all of which aretailored to assist your organization in creating a platform to maximizeits exposure at the event.

For more information on sponsoring or exhibiting at the 6th GlobalForum on Investing in Distressed Debt, please contact Mario Matulichat 212-885-2719 or [email protected].

• Is now the time for endowment and pensions funds to increase investmentinto the distressed space?

Sheryl SchwartzFormer Managing DirectorTIAA-CREF

Dr. Edwin BurtonProfessor of Economics, University of Virginia; Chariman ofBenefits & Actuarial CommitteeVirginia Retirement System

11:00 Morning Networking Break

11:45 Panel Discussion: Going Global: Foreign DistressedInvestment OpportunitiesThe stagnation in the U.S. marketplace has caused some investors to look atdistressed investments overseas, particularly in Europe. This panel discussionwill give investors an insight into the key factors affecting the global distressedmarketplace• Tax implications for investors interested in overseas distressed investments• Concerns about the instability of global markets v. the U.S.• Highlighting the differences in regulation between U.S. and European

Markets

Galia VelimukhametovaPortfolio ManagerGLG Partners

Eli CombsManaging DirectorAlden Global Capital

12:30 Panel Discussion: Can Credit Default Swaps ReplaceRatings Agencies In Distressed Debt?• How ratings agencies examine assets that are undervalued by the market• Advances in the ongoing monitoring of distressed assets • Approach of credit default swaps in distressed debt transactions

Gene PhillipsDirectorPF2 Securities

Eric KolchinskyConsultant/NAIC & Wisconsin Office of The Commissioner ofInsurance

Jerome FonsExecutive Vice PresidentKroll Bond Ratings

1:15 Networking Luncheon

2:15 Real Estate ForumAs transformation continues in the way every type of real estate asset isvalued, distressed debt investors need to stay ahead of these changes. Thispanel will focus on how the process of investment in commercial andresidential real estate has changed and what to look for in the near future:• Upcoming changes in the appraisal of distressed real estate• Residential: breaking down the markets that are in decline versus markets

on the rise• Commercial/Retail/Warehouse: detailed analysis of markets and regions

Spencer GarfieldManaging DirectorHudson Realty Capital

Jonathan SchultzManaging PrincipalOnyx Equities

Steve MillerManagerViking Partners

3:00 Case Study: Banking Re-Capitalization: What Would aLiquid Market Mean for Your Portfolio?As large financial institutions focus more heavily on strengthening theirliquidity, this presentation will give an assessment of the meaning of this shiftfor distressed debt investors:• The role that investors can play in injecting capital into banks by buying

more troubled assets• Response to inconsistent government policies in reaction to bankruptcies• Impact of the effort by major banks to hold more liquid capital on potential

investment opportunities

Mark BoutwellChief Investment OfficerSun Belt Capital

3:45 Panel Discussion: The Corporate Wind-Down Process Many distressed companies reach a point when the business cannotsuccessfully overcome various market and resource challenges. This panel willlook at the challenge and opportunity for investors to come in and pursue acourse of action that protects the clients’ interests and maximizes recoveriesfor all parties.• The investment benefits of asset liquidation.• The complexities of wind down management.• Dealing with existing financial issues involving creditors and clients during

the takeover process.

Stewart CohenCOOGordon Brothers Group

4:30 End of Conference

About Our Sponsor

Media Partners

Sponsorship and ExhibitionOpportunities

Day Two...continued

DETAILS FOR MAKING PAYMENT VIA EFT OR WIRE TRANSFER:JPMorgan Chase - Penton Learning Systems LLC dbaIQPC: 957-097239ABA/Routing #: 021000021Reference: Please include the name of the attendee(s) and the event number: 11705.004

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SPECIAL DIETARY NEEDS: If you have a dietary restriction, please contact CustomerService at 1-800-882-8684 to discuss your specific needs.

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TEAM DISCOUNTS: For information on team discounts, please contact IQPCCustomer Service at 1-800-882-8684. Only one discount may be applied perregistrant.

SPECIAL DISCOUNTS AVAILABLE: A limited number of discounts are available forthe non-profit sector, government organizations and academia. For more information,please contact customer service at 1-800-882-8684.

Registration InformationRegister & Pay Register & Pay Register & Pay Standardby 6/11/2010 by 7/23/2010 by 8/20/2010 Price

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6th global forum on investing in distressed debt

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