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Thomson Reuters HedgeWorld in partnership with law firm Dykema presents a brief survey on insolvency issues affect the hedge fund community .
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Distressed investing was one of the best performing hedge fund strategies in 2009, up nearly 43% according to the Hennessee Group—and many experts see continued opportunities in 2010. The recession may have been declared over, but companies and governments are still facing major problems.
Join HedgeWorld and a panel of distressed investing experts as we discuss the outlook for distressed in 2010. We will review the results of our annual HedgeWorld-Dykema Insolvency Outlook Survey, which asks managers for their views on the current state of the distressed world and how they're positioning themselves for the future. We'll also talk directly to managers and other experts in the distressed space, including lawyers and turnaround specialists to find out from them how they see things playing out this year.
During this 90 minute program, topics that will be covered are:
- How portfolio construction is changing to accommodate changes in allocations to distressed investment opportunities.
- What to know about the bankruptcy and insolvency process before you invest in distressed assets, or with distressed specialist managers.
- What economic and business factors are likely to affect the distressed space the most in the coming year?
- What's involved in loan-to-own strategies whether they are seen as more or less attractive in the coming months?
- Where the best distressed investing opportunities lie in the coming year.
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CONFIRMED SPEAKERS:
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Jon Anderson, GlobeOp Financial Services, global head of valuations and OTC derivatives
Mr. Anderson is global head of OTC derivatives and valuations for GlobeOp Financial Services, having joined in September 2008. Based at the company’s New York offices, he has more than 20 years of derivatives-related trading and operational experience.
Before joining GlobeOp, Anderson served as a managing director and head of trading technologies at BlueMountain Capital Management, a private investment company based in New York, NY. While at BlueMountain he also served as head of investment management support. Anderson was also a member of the Operations Management Group, a senior U.S. industry leadership group that addresses derivatives operational risk issues.
Prior to joining BlueMountain in 2003, Anderson managed the commercial business, vendor and customer relationships at NumeriX LLC in New York, a derivative analytics company serving the dealer and investor community. Prior to NumeriX, he spent a total of 11 years managing derivatives trading desks at Mellon Financial Corporation (now The Bank of New York Mellon) and at Crédit Agricole (now Calyon) in New York.
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Richard Bendix, Dykema, Co-Leader of Bankruptcy and Restructuring
Mr. Bendix is co-leader of Dykema’s Bankruptcy and Restructuring practice and has practiced as a business bankruptcy and creditors' rights attorney for more than 30 years. Mr. Bendix has played significant roles in two ground-breaking Chapter 11 bankruptcy cases. Mr. Bendix was the lead attorney for the debtor in the 203 North LaSalle Street case, one of the largest single-asset real estate cases ever filed. In the process of reorganizing the debtor over the opposition of a lender which held a $93 million mortgage, Mr. Bendix persuaded the United States Supreme Court that the Bankruptcy Code's absolute priority rule contains a new value corollary which permits a Chapter 11 debtor's equity holders to retain their interest in a reorganized company over the objection of unsecured creditors by contributing new capital to the reorganized company. Mr. Bendix also served as one of the two attorneys for the debtor in the Chapter 11 case of UNR Industries, Inc., the first company to use Chapter 11 of the Bankruptcy Code to resolve asbestos claims. During his career, Mr. Bendix has also represented landlords, equipment lessors, creditors' committees, assignees for the benefit of creditors, purchasers of assets from financially troubled companies, and defendants in preference and fraudulent transfer lawsuits.
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Randall Wright Patterson, Lake Pointe Partners, Senior Managing Director
Randall Wright Patterson is Managing Partner of Lake Pointe Partners, LLC, a nationally recognized consulting firm exclusively dedicated to providing profit enhancement, corporate renewal and turnaround consulting services to underperforming businesses. Mr. Patterson has over 25 years of experience working with underperforming and financially distressed businesses in both consulting and interim management roles. He has had broad experience with hundreds of clients in numerous industries including manufacturing, wholesale distribution, transportation, healthcare, service and construction companies in a broad range of life-cycles from start-ups to mature business enterprises. He also serves as a board member to other companies and organizations. Randy is also a frequent lecturer nationally on topics of turnaround and change management and has appeared in over thirty national newspapers, business magazines and television programs. Prior to founding Lake Pointe in 2004, Mr. Patterson was Managing Principal of the Chicago Office of BBK, Ltd. a nationally recognized turnaround consulting firm that acquired Mr. Patterson’s previous turnaround firm that he began in 1990. Mr. Patterson’s previous firm was selected as one of the Top 12 Turnaround Firms in 1998 by Turnarounds & Workouts Magazine. Prior experience includes over 12 years of experience with the international public accounting and consulting firm of Deloitte & Touche.
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MODERATOR:
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Managing Editor, HedgeWorld
Chris Clair is the Managing Editor of HedgeWorld. He has spent the past eight years covering the hedge fund industry, first as a reporter for Crain's Pensions & Investments and for the past five years at HedgeWorld. Mr. Clair has been a journalist for the past 15 years, working at weekly and daily newspapers in his home state of Oregon and in Illinois. Mr. Clair holds a BA degree in journalism from the University of Portland in Oregon.
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