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After 15 years in NYC, the Annual Summit Meeting for Mezzanine & Middle Market Finance comes to the West Coast.
IT'S BEEN A LONG YEAR.
WHAT'S NEXT?
Join us the day after the election for a luncheon buffet followed by a timely program geared to experienced middle market financiers.
NOVEMBER 5 CHAIR:
Noel Ryan, Managing Director, Houlihan Lokey
NOVEMBER 6 CHAIR:
Tiff Armstrong, Managing Director, Harris Williams & Company
ADVISORY PANEL CHAIR:
Tom Stromberg, Partner, KAYE SCHOLER LLP
SPEAKER ROSTER: 40 Speakers
Please check back for Final Roster 10/10.
Tiff Armstrong, Managing Director, Harris Williams & Company
Jason Brown, Senior Vice President - Team Leader, GE Commercial Finance Corporate Lending
Andrew Bucolo, Madison Capital Funding
Jeff Cole, Partner PATTON BOGGS LLP
Kristi Craig, Senior Investment Officer, S.B.I.C. Program
Phil Estes, Horizon Holdings LLC
Steve Etter, Partner, Greyrock Capital Group
Bob Grady, Managing Director, The Carlyle Group
Scott Harvey, Co-Founder, Chief Legal Officer, Hercules Technology Growth Capital
Jeff Holland, Managing Director, Seacoast Capital
Steve Johnson, Partner, McGladrey & Pullen
Leland Jones, Managing Director, Endeavour Capital
Mike Kane, Managing Director, Caltius Mezzanine
Joe Kenary, Executive Vice President for Corporate Lending, CapitalSource
Paul Kreie, Managing Director, Midwest Mezzanine Funds
Tom Ley, Managing Director, Guggenheim Capital Markets, LLC
Howard Lipshutz, Director, KRG Capital Partners LLC
Jon Lucia, Senior Vice President, Managing Director Alternative Assets, Genworth Financial
Patricia Luscombe, Managing Director, Lincoln International LLC
Terry Mech, Senior Vice President, PNC Business Credit
Dr. Jerry Nickelsburg, Economist, UCLA Anderson Forecast
John Rocchio, Managing Director, Newstone Capital Partners
Noel R. Ryan, Jr., Managing Director, Houlihan Lokey
Mike Ross, Managing Director, Babson Capital Management LLC
Tom Stromberg, Partner, KAYE SCHOLER LLP
plus 16 additional including senior lenders, LPs, mezzanine fund managers
Event Host:
KAYE SCHOLER LLP
AGENDA:
Wednesday, November 5th
_______________________________________
11:00 AM - 12 Noon
PRE-SYMPOSIUM S.B.I.C. SPECIAL SESSION
hosted by Wildman Harrold
12 Noon - 1:00 PM
BUFFET LUNCHEON & REGISTRATION
1:00 PM - 1:15 PM
DAY ONE CHAIR:
NOEL R. RYAN, JR.
Managing Director, Houlihan Lokey
1:15 PM - 2:00 PM
KEYNOTE:
THE ELECTION:
WHAT HAPPENED & WHAT IT MEANS
FOR FINANCIAL MARKETS & PRIVATE EQUITY
Bob Grady
Managing Director, The Carlyle Group
The day after the election, Bob weighs in, informed by his considerable experience in both inside-circle D.C. politics and the complexities of private equity finance.
2:00 PM - 2:45 PM
PRIVATE EQUITY: SO MUCH MONEY WITH NOWHERE TO GO
Private equity groups still have lots of money to put to work. But with senior financing in short supply will the buyout activity stall? How are deals being structured and financed? Are private equity groups willing to increase the equity component in their deals? Is there a larger role for mezzanine money?
• How are deals getting done?
• Have relationships with financing partners become more important?
• Are sponsors creating relationships with new financing sources?
• Have sellers' expectations changed and how has that affected deal flow?
2:45 PM - 3:15 PM
NETWORKING & REFRESHMENT BREAK
3:15 PM - 4:00 PM
WHERE HAS ALL THE SENIOR GONE?
The senior debt market is dramatically different from July, 2007. Some senior lenders have left the market. The market for some senior debt is effectively frozen. Where has all the senior debt gone? Are the senior lenders sitting on the sidelines, or havcve the underwriting standards bee3n tightened to a point that few deals qualify? We hear that there are some deals getting done in the middle market, but have difficulty identifying senior lenders that are active.
• Are senior lenders prepared for a recessionary environment?
• How have underwriting standards changed? What is being underwritten in the current climate and with what level of certainty?
• What will need to happen for the market to open to larger deals?
• Any predictions asa to when the credit markets will loosen up?
4:00 PM - 6:00 PM
COCKTAIL RECEPTION in the GARDEN
hosted by
PATTON BOGGS LLP
Thursday, November 6th
____________________________________
8:00 AM - 8:30 AM
CONTINENTAL BREAKFAST
8:30 AM - 8:45 AM
DAY TWO CHAIRMAN:
TIFF ARMSTRONG
Managing Director, Harris Williams & Company
8:45 AM - 9:15 AM
THE NEW STRUCTURE OF THE FINANCING INDUSTRY
NBear Stearns and Lehman are gone. AIG is now effectively government owned. GOldman and Morgan Stanley are sbject to banking regulation. What is going ojn? What financing entities have left the market? What new ones have entered? How will the middle market financing market be structured?
• What are the new structures?
• Will we see new entities or traditional entities changing form, or both?
• What are the market forces that are causing structures to change?
• What profit expectations can investors anticipate from these new structures?
9:15 AM - 10:15 AM
WHAT'S NEXT FOR MEZZANINE? FOUR ANGLES
Aggressive subprime lending and related funding practiceshave resulted in major disruptions in the credit market. These disruptions have resulted in a significant contraction of liquidit6y and aggerssive intervenion by the Fed and "bailout" legislation. Four mezzanine leaders with different roles in the junior capital finance world share their views of the state of the market and the future of their business.
• How has the disruption affected the mezzanine market? Are there more or fewer financing opportunities for mezzanine lenders?
• Has the credit crisis affected the mezzanine market for smaller deals as dramatically as the mezzanine market for larger deals?
• Are mezzanine lenders offering new products, structures, pricing?
• Is there interest in providing junior capital in distressed situations?
10:15 AM - 10:45 AM
NETWORKING & REFRESHMENT BREAK
10:45 AM - 11:30 AM
AVOIDING CONFLICTS:
DEAL ADJUSTMENTS, EARNOUTS, ESCROW ACCOUNTS
We have seen an increase in credit defaults and most expect the default rate to excellerate. Many sponsors will seek reimbursement from sellers for working capital shortfalls and will find themselves in disputes over earnout claims. Lenders will face covenant defaults that my portent bigger problems in the future. Are there techniques to resolve disputes of this type in an efficient and effective manner?
• Does arbitration or mediation work? Are these structures less costly and more effective than court proceedings?
• What can be done if your lender is heading into a Chapter proceeding?
• As a subordinated lender, what can you do without senior lender approval? Should a subordinated lender take action without senior lender approval even if senior lender approval is not necessary?
11:30 AM - 12:15 PM
FAS 157 FAIR VALUE MEASUREMENT and
FAS 141R ACCOUNTING FOR BUSINESS COMBINATIONS
12:15 AM - 2:15 PM
LUNCHEON ADDRESS:
THE NATIONAL ECONOMY IN THE POST-ELECTION WORLD
Dr. Jerry Nickelsburg
Economist, UCLA Anderson Forecast
The Forecast is known for being both unbiased and accurate. We could use some of that about now. Factor in your questions and Jerry's expertise, and this is a Luncheon you don't want to miss.
2:15 PM- 3:00 PM
LIMITED PARTNERS' PERSPECTIVE
The financing market has changed dramatically from July 2007. It is hard to find senior financing and some markets are frozen. Many expect the U.S. to suffer a recession, but there does not seem to be any concensus as to how long and deep it will be. What do groups that provide capital to asset managers think about the return opportunity for their investments in junior capital funds? What products do they expect their asset managers to offer and how do they expect to allocate among the different tranches of junior capital?
• What't going on today for multiple options of junior capital?
• How have risk-adjusted returns changed?
• How do conservative leverage levels impact the need for different types of capital?
• What are long-term return expectations?
3:00 PM- 3:45 PM
NEW SOURCES OF FUNDING
Please check back Oct. 10 for details on this panel.
3:45 PM- 4:00 PM
WRAP UP
