1. CLE
Presents Credits
Available
6th
Global Forum on Investing
in Distressed Debt
TM
September 22-24, 2010
New York, NY
Identify Lucrative Distressed Debt Investing
Opportunities in a Crowded Market
25+ Industry Leaders and Experts, including:
Pamela Lawrence Sandy Mayerson Jason New David Trucano
Director Partner Senior Managing Director Managing Director
Restoration Capital Squire Sanders & Blackstone GSO Capital Centerbridge
Management Dempsey L.L.P. Partners Partners
Rick Pfeiffer Galia Velimukhametova Tanja Aalto Peter Lupoff
CEO Portfolio Manager Managing Director Founder
Pfeiffer Malloy GLG Partners Barclay’s Capital Tiburon Captal
Associates
Topics for Discussion include: Industry-Leading Keynote Speakers
• Overview of where the distressed debt market “State of the Market: Are We ‘In Recovery’ Yet?”
stands during a turbulent 2010 and what to look for Dr. Edwin Burton
in 2011 Professor of Economics, University of Virginia;
• The possibility of government and regulatory reform Chairman of Benefits & Actuarial Committee
and implications for distressed debt investors Virginia Retirement System
• Top strategies from experts for finding value in the
distressed marketplace “Regulatory Keynote: Government Initiatives:
• New technologies and advances in the evaluation of What To Expect”
loans, mortgages and other distressed assets Joseph Borg
• Lessons of the global sovereign debt crisis Director
Alabama Securities Commission
Sponsor: Media Partners:
1-800-882-8684 • www.distresseddebtforum.com

2. 6th A Snapshot of Our
Outstanding
Global Forum on Investing Speaker Faculty:
in Distressed Debt
TM Peter Lupoff
Founder
Tiburon Capital
Galia Velimukhametova
Portfolio Manager
Identify Lucrative Distressed Debt Investing GLG Partners
Jason New
Opportunities in a Crowded Market Senior Managing Director
Blackstone GSO Capital Partners
September 22-24, 2010 • New York, NY Tanja Aalto
Managing Director
Barclays Capital
Bruce Blum
Partner
Charteries Investment Group
Steve Miller
‘‘We still don’t know how big Manager
of a shock this could end up Viking Partners
is far from solid, which is one being. But the recovery
reason why the US is suscepti Manish Kapoor
emanate from Europe.” ble to the problems that CEO
West Wheelock Capital
Professor Frederic Mishkin, Colu
mbia University, Spiked-Onlin Sheryl Schwartz
e, May 17, 2010 Former Managing Director
TIAA-CREF
Ian Davis
Principal
Dear Colleague, Lodging Capital Partners
Sahm Adrangi
Founder
As I write this, market forces have
continued to push distressed debt Kerrisdale Capital
investment thought process. Distressed to the forefront of the global David Trucano
debt investment opportunities now
rewards for investors who successfu offer unparalleled Managing Director
lly seek out the opportunities that
returns and changes in regulatory polic are available. However, these Centerbridge Partners
y and the behavior of asset holders Pamela Lawrence
opportunities much harder to find. have made distressed
Director
Restoration Capital Management
Investors are looking for answers as
to how to maximize ROI, while learn Rana Mitra
past. The emergence from the reces ing from the mistakes of the Principal
sion and default and bankruptcy of
assets of all sizes make this a time companies and real estate Atalaya Capital Management
where distressed debt is seen as a once
opportunity. In the midst of all of this in a lifetime investment Eric Kolchinsky
activity, the Obama Administration Consultant, NAIC & Wisconsin Office of
regulations against financial institution has warned of new
s, with some potential initiatives spec The Commissioner of Insurance
distressed assets. ifically addressing
Gene Phillips
Director
Taking place in New York City from PF2 Securities Evaluations
September 22-24, 2010, IQPC’s 6th
Investing in Distressed Debt will Global Forum on Rick Pfeiffer
bring new insight to these and man
distressed debt marketplace. Now y other issues in the CEO
in its 6th successful year, the conferen Pfeiffer Malloy Associates
than 150 senior decision-makers and ce brings together more
investors from the distressed debt value Mark Boutwell
meeting brings new insights including chain. This year’s
a workshop from Tiburon Capital’s CIO
Formula of Investing, a look at the Peter Lupoff on the Kelly Sun Belt Capital Solutions
state of the market from Dr. Edwin
Virginia, and an examination of the Burton of the University of Jerome Fons
future of the distressed portfolio from
Neuberger Berman. Michael Holmberg of Executive Vice President
Kroll Bond Ratings
Attendees of IQPC’s 6th Global Foru John Buck
m on Investing in Distressed Debt will Director
information and industry experienc benefit from the wealth of Versa Captial Management
e shared over two full days of educ
discussions, and networking opportuni ational sessions, panel Steven Kargman
ties.
President
Take a few minutes to read through Kargman Associates
the agenda and then make the decis Joseph Borg
unequalled event. ion to attend this
Director
Alabama Securities Commission
I look forward to meeting you in New Spencer Garfield
York this September!
Managing Director
Hudson Realty Capital
Jonathan Schultz
Managing Principal
Onyx Equities
Sandy Mayerson
Alex Simon Partner
Program Director, Finance Confere Squire Sanders & Dempsey L.L.P.
nces
IQPC Eli Combs
Managing Director
Alden Global Capital
Stewart Cohen
COO
Gordon Brothers Group
Ronald Filler
Attendee Breakdown Professor
New York Law School
■ 12% Institutional investors ■ 14% Banks Joshua Ufberg
■ 38% Hedge funds, asset ■ 8% Auditors Principal
Atalaya Capital Management
managers & other buyside ■ 7% Regulators Jeff Laliberte
■ 16% Law firms ■ 5% Other Principal
Wheelock Street Capital
2 Register Today: Call 1-800-882-8684 • www.distresseddebtforum.com

3. Pre-Conference Workshops
Wednesday, September 22, 2010
Join us for three unique, interactive learning opportunities on emerging trends and concepts in distressed debt
investing with known industry experts.
A 9:00 – 11:30 8:30 Registration
An Insider’s Guide to Equipment Leasing
Distressed business with high amounts of PP&E (Property, Plant & How You Will Benefit:
Equipment) are unique opportunities for investors, and are becoming a • Insight from a leader in the acquisition of equipment leases and
growing facet of the distressed debt marketplace. Businesses with high illiquid credit assets
PP&E, such as shipping companies, continue to emerge as strong • Learn portfolio acquisition opportunities in distressed equipment
candidates for distressed investments. during a time of credit crisis
What You Will Learn: Rana Mitra
• The current outlook for commercial finance & equipment leasing Principal
• Opportunities in portfolio acquisitions in a distressed credit Atalaya Capital Management
environment
B 12:00 – 2:30 11:30 Registration (Boxed Lunch Will Be Served)
A Portfolio Manager’s Guide to Investing In Distressed Credit
With tremendous opportunities and valuations in distressed credit • Recognizing when collateralized loan obligations (CLOs), mutual
investing, investors need to look at the best ways to maximize their funds, pension funds and insurers will be forced to sell
portfolio. Creating simplicity and identifying the best possible
investments as quickly as possible is key. This workshop will take How You Will Benefit:
investors through the process from the perspective of an portfolio • Insight from a leading distressed portfolio manager as to how to
manager active in the distressed debt space. identify the best opportunities
• Understanding the benefits of distressed debt in raising investor
What You Will Learn: capital
• The process of investing and reviving a distressed company from start-
to-finish Workshop leader is to be announced. Check the website at
• Best strategies for working with "zombie companies”, which are www.distresseddebtforum.com for updates and announcements.
insolvent but have not filed for bankruptcy
C 3:00 – 5:30 2:30 Registration
The Kelly Formula: An Expert’s Perspective
Kelly’s Formula is an algorithm for maximizing winnings in bets. It was How You Will Benefit:
developed by John Kelly, a scientist who worked at Bell Labs in the •
Utilizing the Kelly Formula to generate absolute returns with low
1950’s, and was based on sizing bets when the gambler had an volatility
“edge.” Peter Lupoff, founder of Tiburon Capital and an expert on • Knowing the dangers of “bogus math” and empirical observances
Kelly Formula, will focus on how investors can utilize the Formula in
making investment decisions. Peter Lupoff
Founder
What You Will Learn: Tiburon Capital
• 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 Sponsor:

4. Main Conference Day One
Thursday, September 23, 2010
7:30 Registration & Coffee 11:45 Guest Address: “Distressed Debt Activism in the Age
of Electronic Media”
8:30 Chairperson’s Opening Remarks One of the more fascinating developments across the hedge fund world
Peter Lupoff has been the use of internet communication as part of an activist's
Founder arsenal. Electronic media is increasingly becoming a powerful force in the
Tiburon Capital distressed world, as well as activist investing in general, and the interplay
between broadcasting an investor’s thesis to the hedge fund community
8:45 Regulatory Keynote Address: Government and the dynamics of a Chapter 11 proceeding are becoming increasingly
Initiatives: What to Expect intertwined.
The threat of new Government initiatives to control risky Sahm Adrangi
transactions has investors asking questions. This panel will explore Founder
the impact of initiatives over the past two years, including TARP, Kerrisdale Capital
PPIP and TALF as well as the possibility of future changes in
regulatory practices: 12:30 Networking Luncheon
• The effect of new government initiatives to control risky
transactions has investors asking questions 1:30 Panel Discussion: Finding Opportunities in the
• Understanding the regulatory outlook going forward
Distressed Debt Marketplace
• The effects of new government standards on distressed
Institutional asset-holders are hanging on to their investments for a
investments longer period of time. As a result, investors find themselves searching for
• Keeping existing investment strategies relevant when the rules
new and creative ways to find deal opportunities. This panel will focus
change on the top strategies for finding new distressed debt investments:
• Navigating the current lack of investment opportunities and distressed
Joseph Borg
Director debt product
• Most successful strategies for working with asset holders who are
Alabama Securities Commission
aging their books
• Mitigating risk under pressure to make deals by avoiding hazardous
9:30 Panel Discussion: Regulatory Outlook
Following his address, our regulatory keynote speaker, Joseph Borg, investments
will join a distinguished panel of experts from the legal, financial Tanja Aalto
and academic fields who will discuss the possible changes and what Portfolio Manager
they will mean for distressed debt investors. Barclays Capital
Joseph Borg David Trucano
Director Managing Director
Alabama Securities Commission Centerbridge Partners
Ronald Filler Joshua Ufberg
Professor Principal
New York Law School Atalay Capital
10:15 Morning Networking Break 2:15 Panel Discussion: Introduction to New Loan Level
Products and Re-engineering Old Products for
11:00 Panel Discussion: 2010 in Review: A Look at a Today's Market
Changing Landscape As investors search for new advantages in distressed debt investing, this
A look back where the economy and the distressed debt market panel will look at both new business and legal initiatives to create new
stands as we emerge from the Great Recession and where we are products , the legal implications of certain Court decisions on existing
headed next: products, and how to create new products or change existing paradigms
• Analysis of the most impactful cases and deals of the past year
to accomplish a desired result in today's business and legal environment.
• How regulatory changes have impacted distressed debt investing
The panel will look at new products as well as appropriate legal
• Impact of increased media and public scrutiny on financial
structures.
institutions and investment banks • How to structure bankruptcy-remote vehicles in the post-GGP world
• Understanding which new products and services can help hedge funds
Jason New
Senior Managing Director and private equity investors navigate distressed assets and mortgages
• Using alternative corporate structures to protect the lender
Blackstone GSO Capital Partners
• Determining investor needs for credit information in real estate and
John Buck other consumer spaces
Director • Evaluating how loan level modeling will impact investing activity
Versa Capital Management
Rick Pfeiffer
Pamela Lawrence CEO
Director Pfeiffer/Malloy Associates
Restoration Capital Management
Sandy Mayerson
Partner
Squire Sanders & Dempsey L.L.P.
4 Register Today: Call 1-800-882-8684 • www.distresseddebtforum.com

5. Day One...continued
3:00 Panel Discussion: Lodging & Distressed Debt: 3:30 Afternoon Networking Break
Finding the Best Investments in a Turbulent Time
As some industries begin to emerge from the downturn in the 4:15 Interactive Roundtable Discussions
economy, lodging and tourism industries continue a slow climb back to After an insightful day full of case studies, panels, and
stability. Many projects, notably several Las Vegas casino developments presentations, this is your opportunity to debate your most critical
have even ceased construction. This presentation will focus on where distressed debt issues within intimate groups of your peers.
investors can find the best opportunities in this unpredictable space: Brainstorm solutions, make important new contacts and ask the
• The impact of overbuilding in the Sun Belt Areas (South Florida, Las
questions you really need answers to. Places are limited on each
Vegas) table, so make sure you register well in advance. Roundtables will
• New opportunities in gaming brought on by state budget crises and
take place on the following key topics:
the loosing of gambling regulations
• Investment strategies for assets that have ceased construction and
1. New FASB Accounting Standards: Navigating the Rule
sales efforts Change
• What is the current state of the selling and acquisition environment • How will asset holders react to an easier climate for owning
now, 6-12 months from now? distressed assets?
• How has your company distinguished itself from its competitors, will
it be different in the future? 2. FDIC and Whole Loans
• How have distressed notes been trading in terms of activity, basis • What are the potential impacts to the recent changes in the
notes, and asset classes? FDIC’s policy?
• A look at the activity of banks and lenders in the lodging space
Bruce Blum
5:15 End of Main Conference Day One
Partner
Charteries Lodging
Ian Davis
Principal
Lodging Capital Partners
Jeff Laliberte
Principal
Wheelock Street Capital
Main Conference Day Two
Friday, September 24, 2010
7:30 Registration & Coffee countries in Europe and the Middle East, specifically: Greece, Spain, Italy,
Ireland, Portugal, Abu Dhabi and Dubai. This panel will discuss the crisis of
8:30 Chairperson’s Opening Remarks confidence as well as the widening of bond yield spreads and risk
insurance on credit default swaps and global distressed debt investments
Peter Lupoff •
Role that investors can play in recovery
Founder • Risks inherent in getting involved in crisis, existing impact on U.S. based
Tiburon Capital
companies
•
Impact of the credit crisis in Greece and the devaluing of institutional
8:45 Keynote Address: State of the Market: Are We “In and governmental assets
Recovery” Yet? • Emerging currency issues and opportunities as a result of instability
While many experts feel that the economy is recovering, others aren’t quite so
optimistic. This address will discuss what we should expect out of the global Manish Kapoor
economy over the next 12-24 months and how this will impact the distressed CEO
debt market: West Wheelock Capital
• Impact of the overall economy on distressed debts and assets
• Determining which new opportunities are coming to the marketplace as a
Steven Kargman
President
result of the changing economy
• Understanding the meaning of jobless recovery and other areas of the
Kargman Associates
economy that give reason for caution
10:15 Panel Discussion: Institutional Investors Roundup
Dr. Edwin Burton More pension funds, family and wealth funds, and endowments are
Professor of Economics, University of Virginia; Chairman of increasing allocations into distressed debt. This group of proven
Benefits & Actuarial Committee institutional investors looks at the possibilities and challenges for their
Virginia Retirement System organizations on focusing on distressed assets.
• Specific challenges for institutions and organizations investing in
9:30 Panel Discussion: Global Lessons: The Impact of a Crisis distressed debt
In early 2010, fears of a sovereign debt crisis developed concerning some
5 Sponsor:

6. Day Two...continued
• Is now the time for endowment and pensions funds to increase investment 2:15 Real Estate Forum
into the distressed space? As transformation continues in the way every type of real estate asset is
Sheryl Schwartz valued, distressed debt investors need to stay ahead of these changes. This
Former Managing Director panel will focus on how the process of investment in commercial and
TIAA-CREF residential real estate has changed and what to look for in the near future:
• Upcoming changes in the appraisal of distressed real estate
Dr. Edwin Burton • Residential: breaking down the markets that are in decline versus markets
Professor of Economics, University of Virginia; Chariman of on the rise
Benefits & Actuarial Committee • Commercial/Retail/Warehouse: detailed analysis of markets and regions
Virginia Retirement System
Spencer Garfield
11:00 Morning Networking Break Managing Director
Hudson Realty Capital
11:45 Panel Discussion: Going Global: Foreign Distressed Jonathan Schultz
Investment Opportunities Managing Principal
The stagnation in the U.S. marketplace has caused some investors to look at Onyx Equities
distressed investments overseas, particularly in Europe. This panel discussion
will give investors an insight into the key factors affecting the global distressed Steve Miller
marketplace Manager
• Tax implications for investors interested in overseas distressed investments Viking Partners
• Concerns about the instability of global markets v. the U.S.
• Highlighting the differences in regulation between U.S. and European 3:00 Case Study: Banking Re-Capitalization: What Would a
Markets Liquid Market Mean for Your Portfolio?
As large financial institutions focus more heavily on strengthening their
Galia Velimukhametova liquidity, this presentation will give an assessment of the meaning of this shift
Portfolio Manager for distressed debt investors:
GLG Partners • The role that investors can play in injecting capital into banks by buying
Eli Combs more troubled assets
• Response to inconsistent government policies in reaction to bankruptcies
Managing Director
• Impact of the effort by major banks to hold more liquid capital on potential
Alden Global Capital
investment opportunities
12:30 Panel Discussion: Can Credit Default Swaps Replace Mark Boutwell
Ratings Agencies In Distressed Debt? Chief Investment Officer
• How ratings agencies examine assets that are undervalued by the market Sun Belt Capital
• Advances in the ongoing monitoring of distressed assets
• Approach of credit default swaps in distressed debt transactions 3:45 Panel Discussion: The Corporate Wind-Down Process
Gene Phillips Many distressed companies reach a point when the business cannot
Director successfully overcome various market and resource challenges. This panel will
PF2 Securities look at the challenge and opportunity for investors to come in and pursue a
course of action that protects the clients’ interests and maximizes recoveries
Eric Kolchinsky for all parties.
Consultant/NAIC & Wisconsin Office of The Commissioner of • The investment benefits of asset liquidation.
Insurance • The complexities of wind down management.
• Dealing with existing financial issues involving creditors and clients during
Jerome Fons
Executive Vice President the takeover process.
Kroll Bond Ratings Stewart Cohen
COO
1:15 Networking Luncheon Gordon Brothers Group
4:30 End of Conference
About Our Sponsor Sponsorship and Exhibition
Squire, Sanders & Dempsey L.L.P.: With lawyers in
32 offices and 15 countries, Squire Sanders has one
Opportunities
of the broadest and most integrated bankruptcy and
restructuring practices. Over the past several years Sponsorships and exhibits are excellent opportunities for your company
alone, Squire Sanders has represented distressed companies, creditors’ to showcase its products and services to high-level, targeted decision-
committees and purchasers of troubled companies with combined debt levels makers attending the 6th Global Forum on Investing in Distressed Debt.
exceeding US$250 billion. Website: www.ssd.com IQPC and Finance IQ help companies like yours achieve important
sales, marketing and branding objectives by setting aside a limited
number of event sponsorships and exhibit spaces – all of which are
tailored to assist your organization in creating a platform to maximize
Media Partners its exposure at the event.
For more information on sponsoring or exhibiting at the 6th Global
Forum on Investing in Distressed Debt, please contact Mario Matulich
at 212-885-2719 or sponsorship@iqpc.com.
6 Register Today: Call 1-800-882-8684 • www.distresseddebtforum.com

7. Presents
6th
Global Forum on Investing TM
in Distressed Debt
TM
Earn CLE Credits 5 EASY WAYS TO REGISTER:
IQPC will seek CLE accreditation in those states requested by registrants which have continuing
education requirements. This is subject to the rules, regulations and restrictions dictated by 1 Web: www.distresseddebtforum.com
each individual state organization. Application for accreditation of this course or program in all 2 Call: 1-800-882-8684
CLE approved states is currently pending. To request CLE credits, please indicate so when 3
calling to register: 1-800-882-8684, or on the online registration form.
Email: info@iqpc.com
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