At the 2020 Distressed Investing Conference, TMA is offering more education opportunities than ever before--arm yourself with the tools to catch the next wave of distress. Choose from breakouts exploring innovative financing structures, private equity perspectives, mitigating risks in successor liability, and more. Earn CLE and CPE, make valuable business connections, and complete your professional conversation with 1,000 other restructuring professionals!
ABCC Capital Markets Update (Joint Session with SFNet)
Wednesday, February 5 | 4:30 - 5:30 p.m.
1.2 CPE credits available in Economics
2019 marks the 10th year of one of the longest economic expansions on record and, in the middle of an election cycle, the financial markets seem braced for change. Earnings and equity markets are increasingly volatile, but are still near record levels. Liquidity in the debt markets remains very strong, and given low treasury rates, borrowers benefit from near-historic low costs. For the first time in the history of this conference, rates are trending downward. Concerns about future economic change have weighed on M&A activity, and lenders are becoming increasingly defensive in their credit appetite, with particular pressure on names deemed poised for downgrades. This panel of capital markets professionals will discuss all of this and more in the conference wrap up, open to both SFNet and TMA conference attendees.
Better Together Live
Thursday, February 6 | 9:00 - 9:45 a.m.
TMA members often work together on successful deals and complex transactions. In fact, more than 80% of members have done business with another TMA member. Go beyond the headlines and hear from the players themselves who make TMA #bettertogether—the deal you find at this conference could be one of our next featured transactions!
Mega Trends in the Economy 2.0
Thursday, February 6 | 9:45 - 10:45 a.m.
1.0 CLE** accredited in Delaware and Pennsylvania; other jurisdictions pending*
1.2 CPE credits available in Specialized Knowledge
TMA is reprising our popular Mega Trends in the Economy session from the 2019 TMA Annual! Industry experts share their forecasts for coming disruption. Learn how restructuring opportunities will be affected by changes in key areas: logistics, labor, tariffs/trade, Brexit, and manufacturing. This session will also cover the upcoming U.S. presidential election and its impact on the economy.
Innovative Financing and DIP Substitutes
Thursday, February 6 | 11:00 a.m. - 12:00 p.m.
1.0 CLE** accredited in Delaware and Pennsylvania; other jurisdictions pending*
1.2 CPE credits available in Finance
Debtor-in-possession (DIP) financing is commonly used to fund operations during Chapter 11 restructuring and takes priority over existing claims. In some recent bankruptcy cases, last-minute loans and other liquidity infusions before filing have angered creditors. In this session, experts will outline other financing vehicles to keep a company running without using DIP loans.
Interacting with Private Equity in Today's Environment
Thursday, February 6 | 11:00 a.m. - 12:00 p.m.
1.0 CLE** accredited in Delaware and Pennsylvania; other jurisdictions pending*
1.2 CPE credits available in Business Management & Organization
Changes in today’s economic environment are leading to changes in how private equity providers interact with turnaround and restructuring professionals. In this discussion, experts from all sides will address PE providers’ willingness to engage financial advisors and restructuring professionals. Where can restructuring professionals make the most impact when working with PE? What determines whether portfolio companies are receptive to outside consulting help? Our panelists will offer their guidance on building relationships with private equity providers during this time of economic uncertainty.
Keynote Luncheon Featuring Harry Markopolos
Sponsored by Saul Ewing Arnstein & Lehr
Thursday, February 6 | 12:15 - 1:45 p.m.
1.2 CPE credits available in Behavioral Ethics
Whistleblower Harry Markopolos, the forensic accounting expert who raised red flags about Bernie Madoff and is now targeting General Electric, will be our Keynote Speaker.
Markopolos tipped off the SEC on three occasions (2000, 2001, and 2005) prior to Madoff’s arrest in 2008, and wrote a book about it, No One Would Listen: A True Financial Thriller. Markopolos says it took him five minutes to figure out that Madoff was a fraud, but it took him years to get the SEC–and the world–to accept the truth. Madoff was behind the largest case of investor fraud in history, a $65 billion Ponzi scheme. Now, Markopolos is going after GE. In a research report posted online, he alleged the company is engaged in accounting fraud in its long-term care insurance business—a claim GE has denied.
Mitigating Successor Liability Risks in Distressed Transactions
Thursday, February 6 | 2:00 - 3:00 p.m.
1.0 CLE** accredited in Delaware and Pennsylvania; other jurisdictions pending*
1.2 CPE credits available in Business Management & Organization
Beware the long tail of successor liability—with recent cases involving asbestos, talc, and opioids, asset acquisitions may not be as “free and clear” as they seem. Exceptions to the “rule of non-liability” have expanded over recent decades. Arm yourself with hard-earned lessons about how to identify successor liability risk and mitigate it for your clients.
Hedging Your Bets: How Market Players are Rewriting the Restructuring Playbook in a 'Recession-Proof' World
Thursday, February 6 | 2:00 - 3:00 p.m.
1.0 CLE** accredited in Delaware and Pennsylvania; other jurisdictions pending*
1.2 CPE credits available in Specialized Knowledge
As the economy continues its seemingly endless run, and as investment dollars continue to search for viable and unique opportunities in an overly frothy market, investors are starting to think about the next market turn. More and more, investors are actively tightening up less healthy investments, exiting positions more vulnerable to a downturn, beefing up their restructuring skills, focusing their efforts on counter-cyclical industries, and generally positioning themselves for a market correction. Are such preparations premature, or is the market already showing signs of strain or cooling? Are such “restructuring” efforts likely to spawn valuable pockets of market disruption, or are they merely masking distress underneath a seemingly strong market? And will so much cash waiting to be deployed over a prolonged period of time buffer any impact of a down cycle, or will it create a wealth of potential yield with too few players left to participate? Hear from leading investors and distressed players as they discuss their year in review, their current market outlook, the tangible downcycle preparations they are taking now, and their predictions for the likely impact of any kind of market correction or sustained market growth.
Turnaround Management Association (TMA) 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 submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
*CLE credit calculated on the basis of a 60-minute hour. Sessions have been accredited by the Supreme Courts of Delaware and Pennsylvania; other jurisdictions pending. Many states accept Delaware and Pennsylvania CLE credit via reciprocity. Please refer to your state bar association's guidelines for complete information.
**The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 3.0 hours toward your annual CLE requirement for the State Bar of Arizona, including 0.0 hour(s) of professional responsibility.
Did you miss the 2019 Distressed Investing Conference, or want to relive the experience? Check out the recorded sessions from last year's DIC and more at Learning Link, TMA's members-only resource:
- Soundbites on Industry Hot Topics
- Finding the Canary in the Coal Mine
- Keynote speaker Brian Beaulieu, Economist/CEO, ITR Economics
- Sector Upset, Economic Uncertainty, and Spotting Deal Opportunities
- Disruptive Impact of Technology and Distressed Opportunities it Creates
