current issues and outlook for municipal … · karol has been working with distressed governmental...
TRANSCRIPT
Moderator: Alexander B. Kasdan, Senior Managing Director, DelMorgan & Co.
Panel:
• Hon. Thomas B. Bennett (Ret.), Bailey & Glasser LLP
• Karol K. Denniston, Partner, Squire Patton Boggs LLP
• Andy J. Dillon, Executive Director, Conway MacKenzie, Inc.
• William C. Rhodes, Partner, Ballard Spahr LLP
© Copyright 2019 Expert Webcast – All Rights Reserved
CURRENT ISSUES AND OUTLOOK FOR MUNICIPAL RESTRUCTURING
July 9, 2019
1
Expert Webcast is a sophisticated source of expertise for the professional and the business communities locally, nationally and cross-border.
Producing the industry’s leading webcast panels covering corporate, M&A, restructuring and finance topics, Expert Webcast features foremost experts in law accounting and finance, and addresses timely and relevant issues faced by general counsel, C-level executives, boards of directors, business owners and their advisors, as well as institutional investors.
We welcome you to join our upcoming video webcasts or visit our on-demand library to access recorded programs: www.expertwebcast.com.
2
MODERATOR: Alexander B. Kasdan, Senior Managing Director,DelMorgan & Co., brings more than twenty-five years of senior-level WallStreet advice to middle market companies, entrepreneurs and institutionalinvestors. He has extensive experience in investment banking, corporate lawand restructuring at world’s leading firms, including Credit Suisse First Boston,O’Sullivan Graev & Karabell LLP (now O'Melveny & Myers LLP), BattleFowler LLP (now Paul Hastings LLP) and Schlumberger Ltd., and as afounding partner of Convergence Capital Partners. Alex has worked on morethan 100 domestic and cross-border transactions in North America, Europe andAfrica.
Alex is a Senior Advisor to Governance and Transactions LLC, an advisory firmestablished in 2003 by Mr. James L. Gunderson, former Secretary and GeneralCounsel of Schlumberger Limited, to assist boards, management and ownerswith corporate governance, compliance, structuring and strategic transactions.
Alex is a frequent moderator and an interviewer at Expert Webcast roundtablediscussions attracting business leaders and leading professionals from aroundthe world.
Alex graduated magna cum laude from Middlebury College with a B.A. degreein Economics and Italian and was elected to Phi Beta Kappa during his junioryear. In addition, he holds a J.D. degree from Columbia University Law Schooland has studied at the University of Florence in Italy.
100 Wilshire Blvd.Suite 750Santa Monica, CA 90401+1 310 980 1718 mobile+1 310 935 3826 [email protected]
3
Speaker: The Honorable Thomas B. Bennett (Ret.) focuses his practice on insolvency and bankruptcy. Judge Bennett was appointed a U.S. Bankruptcy Judge for the Northern District of Alabama in June 1995 and Chief U.S. Bankruptcy Judge in January 2011. During his tenure, he presided over the Jefferson County, Alabama bankruptcy, the largest municipal bankruptcy ever filed, at the time, and second today only to Detroit’s bankruptcy case. In 2013, Judge Bennett was inducted as a Fellow in the American College of Bankruptcy, for his professional excellence and exceptional contributions to the fields of bankruptcy and insolvency.
Prior to becoming a Bankruptcy Judge, Judge Bennett was a law clerk for the Hon. John R. Brown of the United States Court of Appeals for the Fifth Circuit for one year before joining a large Charleston, WV law firm, where he was head of the firm’s commercial litigation and bankruptcy/creditor’s rights practice group. He has also served in various capacities for the National Conference of Bankruptcy Judges including having served as its president.
Judge Bennett received his law degree from West Virginia University Law School in 1976 and also received his undergraduate and graduate degrees in economics from West Virginia University.
1055 Thomas Jefferson Street NW Suite 540Washington, DC 20007 T: 202.463.2101 [email protected]
4
Speaker: Karol K. Denniston, Partner, Squire Patton Boggs, a bankruptcy and restructuring lawyer for more than 30 years, has extensive experience representing debtors, creditors, bondholders and other parties in a wide variety of litigated bankruptcy cases and out of court transactions.
Karol has a strong interest in mediation and has been a mediator since 1992. She has deep experience working with all asset types: real estate, intellectual property, regulated industries including banks, infrastructure, utilities, oil and gas, gaming and nonprofits.
Karol has been working with distressed governmental entities since 2009 and has represented cities, special districts, indenture trustees, bondholders, taxpayers and monoline insurers in a variety of municipal restructuring engagements. Karol appreciates the critical importance of delivering essential services and the need to address increased and unfunded labor and pension costs.
Karol has assisted clients with many out of court restructurings. When necessary, Karol has represented clients in municipal bankruptcy proceedings with a focus on implementing a negotiated resolution. Karol is a frequent speaker on the importance of mediation as part of the municipal restructuring process.
275 Battery Street, Suite 2600San Francisco, California 94111T +1 415 393 9803O +1 415 954 0200F +1 415 393 9887M +1 415 994 [email protected]
5
Speaker: Andy Dillon is an Executive Director leading Conway MacKenzie’sGovernment and Municipal Advisory Practice. Mr. Dillon has a proven track record of success in municipal and corporate finance with more than 20 years of experience. Notably, Mr. Dillon has led CM’s engagements by the Commonwealth of Puerto Rico to provide liquidity analysis of the General Fund and development of a 5-year forecasted fiscal plan to the Federal Oversight Board under PROMESA. Most recently, Mr. Dillon has been advising American Public Infrastructure Partners on Asset-in-kind transfers of public assets to public pension plans to address underfunded pensions and increase infrastructure investment.
Prior to joining Conway MacKenzie, Mr. Dillon served as Treasurer for the state of Michigan where he oversaw 13 financial emergencies of cities and school districts including the City of Detroit. He led two state reviews of the City of Detroit, negotiated a Consent Agreement with City officials, created a Financial Review Board to oversee City operations and hired the professionals to led Detroit’s restructuring and Chapter 9 bankruptcy filing.
Prior to his role as Treasurer, Mr. Dillon served the state of Michigan as a State Representative for the 17th District from 2004 to 2010, acting as Speaker of the House from 2007 through 2010.
Mr. Dillon’s private sector experience includes serving as Managing Director at Wynnchurch Capital Partners (a middle market private equity fund), President of DSC Ltd. (a steel processor), Vice President at GE Capital Commercial Finance and a practicing attorney.
401 S. Old Woodward AvenueSuite 340Birmingham MI 48009 +1.248.433.3100ADillon@ConwayMacKenzie.comwww.ConwayMacKenzie.com
6
Speaker: William C. Rhodes leads Ballard Spahr's Education industry group and its Municipal Recovery initiative. Bill regularly represents issuers, broker-dealers, and investors in all areas of public finance, with an emphasis on the offering of high-yield (unrated) municipal securities.
Bill represents clients in the financing of public infrastructure, transportation, economic development, and public purpose facilities for governments and their authorities. His clients also include public and private secondary schools, colleges, and universities; health care systems; cultural institutions; and municipal- and investor-owned water, wastewater, and energy utilities. He also has extensive experience in affordable housing, including single-family mortgage finance and multifamily, military, and senior housing projects.
Bill regularly advises issuers, underwriters, municipal advisers, and investors in the evolving landscape of municipal securities regulation and enforcement, including regulatory compliance, primary and secondary market disclosures, and enforcement actions.
Bill recently served on a National Association of Bond Lawyers (NABL) committee researching and presenting findings to the full NABL membership regarding common legal attributes of state and local general obligation indebtedness under the laws of various states, including Pennsylvania. In light of recent municipal bankruptcies involving GO debt, market participants are seeking clarification about the prioritization and remedial features of GO instruments and greater transparency about the way GO debt differs from state to state. The NABL report was intended to address these concerns.
Bill holds a J.D. from Dickinson School of Law of Pennsylvania State University, where he was a Member of Dickinson Law Review, and a B.A. cum laude from Swarthmore College.
1735 Market Street, 51st FloorPhiladelphia, PA 19103-7599Direct 215.864.8534Mobile [email protected]
7
MAJOR TOPICS
• Unique challenges• Causes of distress: underfunded liabilities: pensions, health care
and infrastructure• Government decision-making process• Building consensus among constituents• Applicable bankruptcy code provisions: Chapter 9• Rights of parties• Understanding the financials: revenues, cash and cash flows• Potential asset sales• Public-private partnerships• Overview of past cases• Creative solutions for challenged municipalities• Future outlook
8
CLE Credit
The course has been approved for the following credit hours:
Hours of Approval: 1.00 hours of general Approved: AZ, CA, CT, NJ, NY
CLE Code: REST709.
For additional information please contact:
Robin B. HallaganLegal Training ManagerSquire Patton Boggs (US) LLP4900 Key Tower127 Public SquareCleveland, Ohio 44114T +1 216 479 8115O +1 216 479 8500F +1 216 479 8780M +1 440 263 [email protected] | squirepattonboggs.com