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Changing Players 2: Distressed Investors, Trading Restrictions and WaMu
Thursday, May 24, 2012 6:00 pm-7:30 pm

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Cocktail Reception to Follow

Distressed investing by hedge funds and other investors has created a new paradigm for out-of-court restructurings and Chapter 11 cases. Indeed, in some ways, corporate reorganization has become an M&A or capital markets exercise rather than a process focused on rehabilitation and restructuring.

This shift has certain positive attributes. Distressed investor involvement brings liquidity into the system and can narrow the number of parties needed at the bargaining table. Rapid asset sales and complex financings by sophisticated distressed investors may also preserve value in ways that a traditional restructuring may not.

But the new paradigm also brings with it complexities – including a natural tension caused by the desire of some investors to influence restructurings (including by providing financing and other forms of restructuring solutions) while remaining free to trade. Rapidly changing rules of engagement add a further layer of complexity, as illustrated by recent amendments to Rule 2019, the Washington Mutual decision and the Universal Building Products decision, among others.

This panel will build on last year's panel (which discussed generally the changing paradigm of distressed investors in Chapter 11 cases), focusing on potential frailties in the system and key areas where parties, including professionals, might inadvertently find themselves in uncharted waters, including with respect to disclosure issues, trading issues and client solicitations.

Moderator: HON. ROBERT E. GERBER, United States Bankruptcy Judge for the Southern District of New York

Faculty: STEVEN ZELIN, Senior Managing Director, Restructuring Advisory Group, Blackstone; SUSAN E. ATKINS, Managing Director, JPMorgan; MARSHALL S. HUEBNER, Co-Head, Insolvency and Restructuring, Davis Polk & Wardwell LLP; ROBERT STARK, Bankruptcy & Corporate Restructuring, Brown Rudnick; MATTHEW CANTOR, Normandy Hill Capital

Program Chairs: MELINDA C. FRANEK, Latham & Watkins LLP; ELI JAMES VONNEGUT, Davis Polk & Wardwell LLP

Sponsored by:Committee on Bankruptcy & Corporate Reorganization, Damian Schaible, Chair

Co-sponsored by:

Event Location: 42 West 44th St. (bet. 5th & 6th Ave.)