Distressed Investing 2012 19TH ANNUALCONFERENCE the DistressedDebtMarket Maximizing Profitsin 2012 OutstandingYoungRestructuring Attorneys Wine TastingandHonorsBanquet for PLUS Investors’ Roundtable CLE EthicsHour:CorporateGovernance Labor Relations Successes&Disasters Credit Bidding Multinational Companiesin Chapter11 Family Office DistressedInvesting Wildcard ClaimValuation Energy IndustryOpportunities&Pitfalls Municipal DebtRestructuring Year in Review &New Business Opportunities HIGHLIGHTS New York City Helmsley ParkLaneHotel November 26,2012 PRESENTED BY

10.10.12 CEO Peter A.Chapman Managing Editor Cordially, you much so for here. being We hope participatingthisday everyone find bothilluminating will be to and enjoyable. Thank you. without restructuring practiceat we Skadden Arps, say abig, big Thank You. We couldn’t have done it To our sponsors, to Harvey Miller, to John Brincko and and Andy to generous the Rahl, endeavors restructuring inthe arena. Congratulations to eachof them. Lawyers of 2012.These arethe remarkable standouts of today futuretheand of tomorrow’s a banquet at offices the Arps of to Skaddenthe recognize Outstanding Young Restructuring And finally,cappedbe theday will off tradition bya that we truly have come to enjoy and respect, a bit about oenology. of world class wines, and are we all fortunate enough to savor both as selections their well as learn at SmithAndy and Reed Rahl John Brincko of Sitrick Brincko Group.treasure a They open trove The next notableevent the first-classis wine tasting that so is generously hostedeachyear by during today’s luncheon, honor we will year’s this recipient of Harvey Award. the Miller As inprevious years, conference this punctuated be will by three memorable highlights.First, insights, their talents, and their time we mean it: and most the knowledgeable professionals world inthe of restructuring. We year, say it every and sponsors,Our as ever, are lifeblood of the gathering. this They representthebest, the brightest, And for first-time attendees, we hope you thismake an annualevent. veteran attendees, you know that is this our consecutive 19th year hosting We are genuinely and pleased that gratified you havejoined us forthis conference. For you Colleague: Dear We are extremely grateful for their willingness to collaborate with and us to share their Beard Group| P.O.Box40915|Washington, DC20016 [email protected] |[email protected] Nina Novak, Esq. Telephone (240) 629-3300 . Distressed Investing Distressed .

10.10.12 distressed situations. impact creditor (and shareholder) recoveries in may not liquidated be for years but may substantially recoveries, and other claims and causes of action that of actionlike fraudulent conveyance claims, preference place values on complex the wildcard claims and causes panelThis will outline ways practical for investors to Peter S. Kaufman John Brincko 10:25am published by Books. Beard Distressed Investing members 2012faculty and Pick up copy afree or two of titles authored by some by Sponsored 10:10am Tero O. Jänne Robin Russell Paul N. Silverstein and Pitfalls 9:30am John J. Rapisardi and William A. Brandt, Jr. 8:40am and record-low interest rates. presidential continued election, unemployment, high thoughts about what’s given ahead outcome the of the winning and losing distressed investments and share his insights and unique about perspectives prior the year’s Steve Gidumal join us for will year 17th the to share his Steven L. Gidumal Opportunities 8:10am Hugh M. Ray 8:00am by Sponsored Breakfast 7:30am Conference Agenda GORDIAN GROUP, LLC SITRICK BRINCKO JEFFERIES & COMPANY, INC. ANDREWS KURTH, LLP CADWALADER, WICKERSHAM & TAFT DEVELOPMENT SPECIALISTS, INC. VIRTUS CAPITAL, LP MCKOOL SMITH Chairman of the Illinois Finance Illinois the of AuthorityChairman Energy Industry Opportunities Opportunities Industry Energy Municipal DebtRestructing Year &New inReview Business Chairman’s Remarks Opening andContinental Registration Wildcard Claim Valuation Networking Break

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Industry to year’s this winner and that individual’s Achievement Award to Restructuring the for Service Presentation Outstanding ofMiller Harvey the R. by Sponsored 12:05pm Conference Agenda Manager and Director Samuel Brill and President, yet2.com. F.Benjamin duPont Ira Perimuter Paul A.Rubin Adam C. Harris 11:05am There are limitswhat to can andcan’t be done to Lorenzo Mendizabal D.Robert Katz Steven C. Bennett 3:00pm by Sponsored 2:45pm Mark F. Hebbeln Court) Supreme in the Bankruptcy Court, Circuit Court and U.S. bank in RadLAX Gateway Hotel, LLC v. Amalgamated M.Larren Nashelsky Mark Palmer Tim O’Conner Robb L. Tretter 2:00pm J.Rahl Andrew Chapter 11 1:15pm keynote address, “My Advice to Distressed Investors”. EXECUTIVE SOUNDINGEXECUTIVE BOARD ASSOCIATES, INC. WEISMANN CAPITAL, LLC FAIRBRIDGE VENTURE PARTNERS T5 CAPITAL EQUITY HERRICK FEINSTEIN, LLP SCHULTE ROTH & ZABEL, LLP EPIQ SYSTEMS JONES DAY FOLEY LLP & LARDNER, MORRISON & FOERSTER, LLP MATLINPATTERSON GLOBAL ADVISERS, LLC SANDLER O’NEILL BRACEWELL & GIULIANI REED SMITH Labor Relations Successes Labor &Disasters Networking Break Credit Bidding Multinational Companies in Family Office Distressed Investing The Harvey R. Miller Awards Luncheon

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10.10.12 Honorees Speakers, and All Delegates, Wine Tasting for Dave Miller E. HindesGary Ken Grossman Leon Frenkel Steven L. Gidumal 4:45pm Prof. Harlan D. Platt John Wm. Butler (Jack) 3:45pm employment programs. motion for permission (but not direction) to continue and debtors’ practicesbeyond best typical first-day the on communicating with employees, confusion, their outbe there that haven’t tested. been We’ll touch also worked past, inthe what hasn’t, and what might ideas pare labor costs inachapter what’s 11setting. Learn ELLIOTT MANAGEMENT CORP. THE DELAWARE BAY COMPANY, LLC JURIS ADVISORS, LLC TRIAGE CAPITAL MANAGEMENT VIRTUS CAPITAL, LP D’AMORE-M NORTHEASTERN UNIVERSITY FLOM, LLP SKADDEN, ARPS, SLATE, MEAGHER & SPONSORED BY Investors’ Roundtable Ethics Hour SKADDEN, ARPS, SLATE, MEAGHER &FLOM LLP ,

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Hosted by Young Lawyers. Restructuring for 2012 Turnarounds the &Workouts Outstanding Speakers andHonorees andHonors Banquet 5:30pm government spending. low interest rates, unemployment, high and runaway to invest money their current inthe environment of how they’ve invested money their and how intend they This veteranpanel of distressed investors tell will you Wine Tasting for Delegates,All for Honors Banquet Honors Banquet Young Restructuring Turnarounds & Workouts Lawyers 2012 Lawyers Outstanding

10.10.12 Outstanding Young RestructuringLawyers senting Cantor Fitzgerald inWastequip restructuring. to BBU inGreat Atlantic & Pacific Co. Tea case; repre man Sachs entities; counsel to Anderson News; counsel million post-confirmation preference suit againstGold counsel to reorganized Capmark Financial Group in$147 tion counsel to Capmark Financial creditors’ committee; Counsel to Borders Group litiga subsidiaries; special Jeffrey R. Gleit funds inInner City Media bankruptcy. bankruptcy. of firm’s Leader representation of Yucaipa litigation efforts forCarl Icahn’sfunds in Blockbuster’s largest creditors and derivatives counterparties. Headed Lehman Brothers, represented Morgan Stanley, one of the cutting-edge litigation over certificate holder claims. In Representing of Dynegy, aspects inall USBank including Peter M. Friedman affiliates their in prepackaged cases. bankruptcy Filene’s Basement; Vertis Holdings, Inc. and of certain its otes; Syms Corp. and wholly owned subsidiaries, including StarsHockey of insales Dallas and League PhoenixCoy client Other America. representations include National the lion acquisition of 100percent of equity of DBSD North Represented DISH Network in$1.4bil Shana A.Elberg Elpida Memory inChapter 15filing. representinghas begun group adhoc of bondholders in its rights inacorporate reorganization. Most recently bondholderfirst-ever ad groupshoc to form and enforce Representation, of incase Takefuji Corporation, of one of tors’ committee inreorganization of Spansion Japan. Representedsecured first-ever credi officially recognized Mark W.Deveno horsestalking Google. In Motion, and Sony inwinning $4.5billion bid, topping including EMC Corp., LMEricsson, Microsoft,Research of Nortel Networks. Apple partnered with consortium ofsale portfolio of 6,000patents and patent applications Representedsets. Apple as bidder inhistoric 363 Section Represented Stars of hockey-related Dallas insale all as Ronit Jeanine Berkovich counsel advising JAL ofrestructuring. on global aspects all represented Japan Airlines as international restructuring billion cash investment from DISH Network. Recently DBSD innegotiating and obtaining court approval of $1.49 and other subsidiaries. Principal attorney representing company of World North Airways, American Airlines, Currently represents Aviation Global Holdings, parent Ryan Blaine Bennett ------Douglas Mannal Douglas creditors’unsecured committee Launch of Company. Sea notessecured issued by American Airlines. Counselto ington Trust Company as collateral for trustee 7.5%senior ers holding over $2billion of debt. Representing Wilm Group representing case, group adhoc of lend unsecured Kodak Played case. leading role inCapmark Financial Counsel to creditors unsecured committee inEastman Tyson M. Lomazow $2.6 billion exposure Growth to General Properties. hypo AG’s Bank NYbranch and lenders having more than forcarrier general creditors. unsecured Represented buy back from Petroleum’s Caribbean liability insurance recovery. Successfully negotiated a$24million insurance Dodgers’s proceedings, helping apar plus secure interest Represented creditors’ unsecured committee inLA Todd M. Goren ment Securities, andment Trident Securities, Microsystems. matterscy include SemGroup, L.Madoff Bernard Invest class actionclaim inexcess of insolven $70million. Other plaintiffs in SK negotiatingFoods, settlement a allowing entity.a CDO counsel Lead for putative class of antitrust –first-everLimitedfilingbankruptcy VIIcase involving Represented Hildene Capital Investment inZais Grade WinstonEric Capital and Oaktree Capital Management. out-of-courtin Quiznos restructuring,by led Caspian with Nebraska chapter Book Counselto 11case. lenders Counsel to JPMorgan Asset Management inconnection ity National pending EDNY. case, inthe inLendAmerica (largest creditor) inTerreStar counsel Lead to case. Fidel Counsel to Dish Networks (acquirer) and EchoStar Corp. Rachel Strickland ranger of $950million DIP facility for Eastman Kodak. Advising Citigroup as administrative agent and ar lead ing unprecedented credit bidding for Delphi’s businesses. agent under $4.5billion DIP financing forDelphi, includ Lehman U.S. Chapter Represented 11cases. JPMorgan as settlement of tens of billions of dollars inclaims related to Represents Lehman Brothers Intl. (Europe) incomplex ResnickBrian million “double-dip” claims litigation. DIP financing, responsible for strategy regarding $200 ofbehalf Smurfit-Stone creditor’s committee, negotiated can Capital inits significant investment in Appleseed’s. On $300 million of Wolverine Tube debt. Represented Ameri Represented Plainfield Asset Management in restructuring One of attorneys lead the representing Maritime. General

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10.10.12 Motors,Chrysler Glitnir hf, Kaupthing Banki Banki ments. Recent clients include Lehman Brothers, ine-disclosure and classservices actionengage integrated technology, consulting and support web and design creditor hot lines. bursements, bond and equity holder identification, agement, noticing, and balloting solicitation, dis offering is extensive,service including claims man Washington, D.C. Angeles,Los Brussels, Wilmington, Kansas City, and New York, Chicago, Hong Kong, Portland, Hartford, clients from servicing global, its offices in London, appointed insolvency fiduciaries. restructurings inhistory, as well as more than 650 debtors largest in the and most complex corporate Sinceties. early the 1990s, corporate restructuring and insolvency communi providing cutting-edge solutions to the and services United inthe perts States. among leadingand the bankruptcy insolvency ex our as recognized prominent being partners of recent, the major reorganization has to led cases tors and and adhoc official committees in many ations. efforts Our in representing distressed inves matters arising inrestructuring and insolvency situ inintellectual propertyas and expertise real estate ing and insolvency and tax litigation advice, as well and officers. We providefull range a of restructur fraudulent conveyance defendants, and directors tions against accounting firms, corporate insiders, handled some of largest the litiga insolvency-based and auto In parts. recent years, energy, telecommunications, hospitality, real estate, and other principal inindustries parties including on of behalf debtors, committees, investor groups, our offices handling insolvency work nationwide Andrews Kurth’s of firm’s the work. Growing out southwest,the of insolvency engagements form adominant portion lawyers founded in1902Texas. and Restructuring We AreGratefultoOurSponsors practiceis now coast-to-coast with Epiq’s for profession legal global the provider of managed technology SystemsEpiq corporate restructuring Epiq Andrews Kurth has worked with Epiq’s is aleading Epiq with over 400 LLP AndrewsKurth also provides also presence is is a firm is afirm - has has ------debtors, cross-border and domestic unsecured represent creditors’ committees, creditors, secured and other practiceconcentrations. We regularly employment, environmental, regulatory, healthcare, sophisticated finance, litigation,labortax, and andbankruptcy bond default with experience Foley past year. Administrators by asrecognized one of Nation’s the Largest Claims ways, PlusFunds Group, and Qimonda. pany, Nortel Networks, Almatis B.V., MAXjet Air hf, Islands hf, Lyondell Com Chemical Hennigan firm. trial Dorman, aCalifornia-based McKool Smith make list the eachyear since its inception. Finally, List.” the The is firm theonlyfirm in to country named to thirdthe year inarow, courtroom verdicts, judgments, and settlements. For it hadmore already secured than $1billion in accolades year. this In June, firm the announcedthat ruptcy Code. insights on proposed changes to Federal the Bank amongbefore first the called congress to provide and forums throughout United the States, and were gated complex multi-party disputes incourtrooms structurings. reorganization proceedings and out-of-court re also The represents firm parties. clients in complex ofbehalf debtors, creditors’ committees, and other andbankruptcy related state and laws federal on prosecution of complex lawsuits arising under restructuring practiceinvolves defense the and country.practices inthe corporatemost focused trust/bondholder rights ruptcy lawyers, national deep already very corps of over 30bank tion of Harold L. Kaplan and Mark F. Hebbeln to its throughoutcases United the States. With addi the creditors, funds and indenture inmajor trustees is able to meld its nationally recognized The The NationalLaw Journal McKool Smith’s McKool Smith recently announced joining the of Foley Turnarounds Workouts & coast-to-coast (as well inAsia), 1,000 lawyers inoffices from With resources the of nearly has one of leading the and McKool Smith has receivedof aflurry attorneys have liti bankruptcy and and bankruptcy McKool Smith’s “Midsize Hot has been has been Epiq this this was ------

10.10.12 litigation most inthe cost-effective and efficient for our clients through consensus building and/or States. We are committed to maximizing recoveries two most activeUnited courts inthe bankruptcy Wilmington, Delaware, are at doorstep the of the tional matters. offices Our inNew York City and Asia, offering integratedfully a approach to interna Kingdom, Continental Europe, and Middle the East, represent clients United inthe States, United the involving financially distressedtransactions. We outs, bankruptcies, insolvencies, and other matters focusing on complex financial restructurings, work known worldwide as one of premier the practices Workouts and arounds Young Lawyers for Restructuring 2011by K. Newman was named one of Outstanding the topthe restructuring advisors country. inthe Peter Moore)and Bob of are listed K&ARegistry inthe (Paulpartners Aronzon, Greg Bray, Dunne, Dennis Lawyer’s debtors and creditors’ committees in among most the prestigious firms representing sentation of creditors.” We have consistently ranked zine, institutions.trial According to to major financial,services commercial, and indus with approximately 650lawyers providing legal and abroad. corporate restructurings United inthe both States demonstrated leadership inChapter and 11cases Restructuring Group Practice white collar defense matters. litigation, intellectual property, bankruptcy, and Smith firm. In addition bankruptcy to matters, Verdicts” over last the five yearsthan any law other Journal Law National America’s firms.firm The has leading trial won more McKool Smith York, Washington, Texas, DC, and California, With more than 165litigators across offices inNew roster and launched office Los anew in Angeles. Thelawyers expansiontrial the 35 firm’sto added Milbank represents clients incomplex commercial Bankruptcy Corporate Bankruptcy Scorecard. Four Milbank We AreGratefultoOurSponsors is “the repre inthe leading specialist has established areputation as one of and and is an international law firm . VerdictSearch Milbank’s Financial restructuring group is Smith’sReed Business Week Business has atrack record of The American The American “Top 100 McKool global global Turn maga ------regularly clients advises on investment management, sector, the financialservices lawserving firms Washington, D.C. and London. As one of leading the multidisciplinarywith firm offices in New York, our services. to name a few of matters the for clients which seek restructurings, and estate and administration, trust layered financings, high-profile real estate deals, debt border acquisitions to litigations, high-stakes multi wide-ranging capabilities, from domestic and cross- lawyers working across practiceareas—speak to our extremely complex matters involving multitudes of quisition of Health Caritas Christi Care System—all Financial to Group TD Bank Chrysler and ac the of including widely deals, recognized of sale the venture capitalists and pension handling funds. Our ment advisers, private investment partnerships, foreign commercial broker-dealers, , invest private equity funds, domestic money centers and private companies, investment hedge banks, and andneurial individual clients, including public and large and impressive array of institutional, entrepre brought inon amatter. client Our roster includes a for attorneys from multiple practicegroups to be of aclient’s aspect every business, it is not unusual placing apremium on To client service. address maintain long-term relationships with clients by representation We and service. strive to build and groups provide adiverse client with top-notch base and business expertise oflegal acumen our practice enforcement and investigative issues. The combined viding counsel regulatory on compliance, securities corporate and transactional matters, as well as pro Founded in1969, America as top the nized fields intheir by turing firms, and lawyersour are consistently recog of leading the bankruptcy, insolvency, and restruc and inlegal recognized business publications as one managers, and lessors, among many others. We are private equity, venture capital and hedge funds, asset institutions, and trustees custodians, committees, range of clients including and banks other financial manner. creditor/investor Our practicecovers awide , Chambers UK Schulte RothLLP &Zabel , and Chambers USA TheBest Lawyers in . is a

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10.10.12 ( Year “( including such honors as “Restructuring Team of the sionals as one of top the world, practicesinthe tently by recognized and peers restructuring profes consisand practice has Our been Middle the East. within Americas and the inAsia, Australia, Europe, telecommunications,both and financialservices, fromtries transportation, energy, and steel to retail, formational restructurings indiverse indus global litigation. We have helped our clients achieve trans troubled company disputes includes expedited chapter 11,and ourinhigh-stakes, experience ruptcies. We help clients spent time minimizethe in and of sales distressed assets,and prepackaged bank ofuse debt and equity exchange offers, purchases efficientcally strategies for our clients, including the oriented has to focus led innovative and economi reorganizations, and liquidations. business- Our and out of court, financial recapitalizations, business creditors, and investors, handling restructurings in boards, their difficulties, management,owners, We represent companies financial experiencing clients involved in distressed company situations. provide innovative, solutions legal practical to Workouts himrecognition earned cases on and change. John P. Brincko’s work on Spansion the panies undergoing manner all of restructuring, crisis Sitrick Brincko Group effects of unfavorable business situations. companies, lenders, and creditors the experiencing bringing arange of and skills creative solutions to nications, corporate and restructuring, advisory Associates, in strategic commuspecializes firm the management and consulting of experience Brincko capabilities of Sitrick And Company and global the issues. Combining top-ranked the communications for clients facing make-or-break, bet-the-company Professionals,Global provides consulting services Sitrick Brincko Group Chambers USA IFLR ’ list of Successful Restructurings. ), “Bankruptcy Team of Year” the We AreGratefultoOurSponsors ), “International of Firm the Legal restructuring practiceworks to & Flom LLP’s Slate, Arps Skadden Meagher is a trusted advisor is atrusted to com of Resources, asubsidiary Turnarounds & Turnarounds & global corporate global The ------ings in2011. Workouts’ & arounds McDermott, and Ken recognition Ziman on Mr. earned cases Seth Goffman, Jacobson, Mark Metro-Goldwin-Mayer Studios and Vertis Holdings turing Lawyers for 2011. Turetsky as one of Outstanding the Young Restruc standing Lawyers, and Restructuring David M. Butler, Jr., and Jay M.Goffman twoas Outthe of Turnarounds Workouts & ofFirm Year” the ( of Year” the ( Year” and “International Insolvency Firm &Rescue Successful in2011. Restructurings recognition on Goldstein, Jacqueline Marcus, Holtzer and Gary GrowthGeneral Properties’ Marcia earned cases 2011. of Outstanding the Young Lawyers for Restructuring Lawyers, J. andRestructuring Robert Lemons as one and Martin A.Soslandas two of Outstanding the Turnarounds Workouts & tailored specifically to a client’s This past needs. year, enabling us to develop solutions that are creative and Gotshal’s businesses, court receivers, and equity holders. property,personal acquirers of distressed assetsand and equity committees, lessors trustees, of real and and and other creditors, secured unsecured creditor and international companies, institutional lenders handle facetsof all restructuring work for domestic multiple borders, often simultaneously.lawyersOur related transactions domestically both and across facilitate restructurings, insolvency proceedings, and restructuring world, practiceinthe enabling us to offersthe most broadlyandbased comprehensive London, Frankfurt,and Munich, offices inNew York, Houston,Miami,Dallas, Paris, among its With peers. leading practitioners inour world’s most authoritative sources as preeminent Weil Gotshal’s depth of is unparalleled, experience Credit TodayCredit Turnarounds Workouts’ & M&A Advisor work on ExtendedStay the and list of Successful Restructur regularly acclaimed by the and insolvency practiceis Weil Gotshal’s Skadden’s named John (Jack) Wm. named Harvey R. Miller named Miller Harvey R. ), and “Restructuring Law ). This past). This year, Weil Gotshal work on the restructuring list of Turn

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10.10.12 you must make your own reservations. Hotel Reservations: Phone: 1-212-521-6640 New York, NY10019-1600 Park36 Central South The Helmsley LanePark Hotel Venue: tions or additional costs by incurred registrants. non-refundable transportation costs, hotel accommoda ference cancellation, Group Beard assumes no liability for preparations made. can be In unlikely the event of acon us as asthat possible soon notify please so materials and 13 months. If you plan to asubstitute send inyour place, firm forthis or anyfuture Beard Group conferencewithin registration may transferred be to another member of your regret that refunds not issued will after be thisdate. The fax) fifteen (15) business daysprior the to conference. We of cancellation must received be inwriting (by letter or tion fee. All cancellations besubject to will a$200administra Cancellations: discount. ence, third and subsequent delegates receive will a$200 If yoursendsthree firm or more delegates this conferto Group Discounts: Corporate check, American Express, VISAor Master Card. Conference Registration: Online: By Fax: By Phone: To Register:

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