New Developments in Securitization 2009

Overview

Why You Should Attend

As the credit crunch continues to roil the capital markets, the securitization world remains largely deadlocked and its restart is facing enormous challenges.  Many transactions have been downgraded and have suffered unforeseeable losses, government supported financing has become necessary to support new issuances, issuances without government backed funding remain at historic lows and, of most concern, investor confidence in structured products has been badly shaken.  Moreover, many transactions have been subject to restructurings and litigation of various types.  Further deterioration within the financial system has led to the nationalization of major banks, insurance companies and mortgage market participants.  However, there is a light at the end of the tunnel.  A variety of public and private sector initiatives and reforms are underway to address systemic weaknesses and restore investor confidence.

At this two-day program, you will receive an intensive and comprehensive introduction and update on what solutions are being pursued in the market and what legislative and regulatory actions and initiatives are underway.

What You Will Learn

Conference Highlights:

• Learn about new legislative and regulatory proposals:
  -TALF and other government initiatives
  -Financial regulatory reform, including securitization reform, bank and hedge fund regulation, derivatives regulation and more
  -Risk-based capital products and balance sheet remediation
  -ASF Project RESTART
  -The death of QSPEs and other FAS 140 changes
  -New VIE consolidation rules
  -Structured products litigation update
  -Pricing and valuation issues
  -Bankruptcy developments
  -Mortgage finance reform
• Learn about solutions being pursued in the market and new areas of opportunity:
  -Distressed asset funds and related opportunities
  -Vehicle restructurings
  -Other financing options
  -Resolving disputes between classes of the same issue
  -Life settlements and other forms of Esoteric ABS

Who Should Attend

Attorneys at law firms, corporations, investment banks, investment funds, and other financial institutions dealing with or exposed to asset-backed securities or structured products.

Special Features

Live Webcast - Simultaneous live webcast of the New York session is available for individual viewing. Webcast participants will receive streaming audio and/or video of the program, view and print the Course Handbook, and have the ability to submit questions electronically.

For more information click on the Live Webcast link in the Related Items box.

Special Bonus to all Registrants

All attendees will receive a complimentary copy of PLI's comprehensive Course Handbook. This softcover, bound volume was written to augment the program and to stand alone as a permanent reference. PLI's Course Handbooks represent the definitive thinking of the nation's finest legal minds, and are often the standard reference in the field.

Please Note: Webcast attendees will receive a downloadable version of the Handbook one business day prior to the program.

PLI Group Discounts

Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount.  For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.

PLI Can Arrange Group Viewing to Your Firm

Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.

Cancellations

All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.

Schedule

Day One:  9:00 a.m. - 5:15 p.m.

Morning Session:  9:00 a.m. - 12:30 p.m.

9:00  Opening Remarks

Gary Barnett

9:15  Trends in Securitization: Research Perspective

• Overview of year's activities
• Issuance volumes
• Credit quality trends
• Other developments
• Lessons from the credit crunch
• Prospects for 2010

Mark Adelson

10:15  Networking Break

10:30  Term Asset-Backed Securities Loan Facility (TALF)

• Updates from practitioners and the Fed on the TALF program
• Discussion of TALF's past, present and future

Christopher B. Killian (moderator), Dan Castro, Andrew M. Faulkner, Stuart M. Litwin, Bianca A. Russo, Debra Stone

11:30  Developments in Legislation, Regulation and Market Standards

• Financial regulatory reform, including securitization reform, bank and hedge fund regulation, derivatives regulation and more

Tom Deutsch (moderator), Stephen S. Kudenholdt, Lawrence D. Rubenstein, Scott A. Stengel

12:30  Lunch

Afternoon Session:  2:00 p.m. - 5:15 p.m.

2:00  New Developments in Mortgage Backed Securities and ASF Project RESTART

• Market and structural overview; TALF; securities laws, due diligence and documentation issues; other recent developments.
• Project RESTART - the securitization industry comes together to help restore investor confidence by proposing enhancements to RMBS transparency and best practices.

Tom Deutsch (moderator), Lawrence D. Rubenstein, Bianca A. Russo, Jordan M. Schwartz

3:00  SEC Update

• Regulatory and other initiatives affecting ABS offering process
• Recent developments and current issues regarding securitizations
• What to expect from the SEC staff next year

Max A. Webb

4:00  Networking Break

4:15  New Developments in Traditional ABS (Auto and Equipment Loan and Lease Securitization, Credit Card Securitization)

• Recent deals and developments
• Regulatory and legislative developments
• Impact of accounting changes
• The auction rate securities mess and alternatives to auction rates
• Predictions for the future

Andrew M. Faulkner, Stuart M. Litwin

5:15  Adjourn

Day Two:  9:00 a.m. - 5:00 p.m.

Morning Session:  9:00 a.m. - 12:15 p.m.

9:00  Risk Based Capital Transactions and Balance Sheet Remediation

• Overview of risk based capital transaction types
• Impact of regulatory reform on capital requirements

Gary Barnett

10:00  Litigation, Bankruptcy and Trustees

• Developments in CDO and other RMBS-related litigation and forecasts of future CDO litigation trends
• Assessing potential litigation claims and risks related to CDO liabilities
• Resolving disputes between CDO tranches
• Developments involving trustees in CDO default and liquidation.
• Trustee use of interpleader, declaratory judgment and the like.
• Issues affecting trustees in RMBS loan repurchase obligations.

Robert J. Coughlin, Jonathan E. Pickhardt

11:00  Networking Break

11:15  Securitization Accounting Developments - What's New?

• Death of QSPEs and other FAS 140 changes
• New VIE consolidation rules - FIN 46 R-squared
• Expected effective date and transition

James R. Mountain

12:15  Lunch

Afternoon Session:  1:45 p.m. - 5:00 p.m.

1:45  Tax Developments in Securitization

• Domestic structures
• Off-shore structures
• Emerging issues and unanswered questions
• Other tax developments

Steven L. Kopp

2:45  New Developments in Asset-Backed Commercial Paper

• How revisions to Rule 2a-7 will affect ABCP investors
• Risk capital treatment of ABCP facilities
• Covered CP/Covered Bonds - Financing options for banks and corporations
• Current activity ABCP conduit restructurings/financings

Peter C. Manbeck

3:45  Networking Break

4:00  Esoteric ABS

• Life settlements (extension risk, insurable interest issues)
• Structured settlements (court orders, non-assignment issue)
• Catastrophe bonds (structure issues)
• Trade receivables
• Lottery awards (obligor issues, withholding tax issue)
• Aircraft leases (diversity of lessees, unwrapped deals)
• Timeshare loans

Patrick D. Dolan

5:00  Adjourn 

Faculty

Chairperson(s)

Gary Barnett, Linklaters LLP

Speaker(s)

Mark Adelson, Chief Credit Officer, Standard & Poor's
Dan Castro, Primary, Huxley Capital Management
Robert J. Coughlin, Nixon Peabody LLP
Tom Deutsch, Deputy Executive Director, American Securitization Forum
Patrick D. Dolan, Dechert LLP
Andrew M. Faulkner, Skadden, Arps, Slate, Meagher & Flom LLP
Christopher B. Killian, Associate Director, Advocacy, American Securitization Forum
Steven L. Kopp, Ashurst
Stephen S. Kudenholdt, Co-Chair, Capital Markets Practice, Sonnenschein Nath & Rosenthal LLP
Stuart M. Litwin, Mayer Brown LLP
Peter C. Manbeck, Orrick, Herrington & Sutcliffe LLP
James R. Mountain, Securitization Services Partner, Deloitte & Touche LLP
Jonathan E. Pickhardt, Quinn Emanuel Urquhart Oliver & Sullivan, LLP
Lawrence D. Rubenstein, Managing Counsel, Wells Fargo Bank N. A.
Bianca A. Russo, Managing Director and Associate General Counsel, JPMorgan Chase & Co.
Jordan M. Schwartz, Cadwalader, Wickersham & Taft LLP
Scott A. Stengel, Orrick Herrington & Sutcliffe LLP
Debra Stone, Consultant, Federal Reserve Bank of NY
Max A. Webb, Assistant Director, Office of Structured Finance, Transportation & Leisure, U.S. Securities and Exchange Commission

Program Attorney(s)

Lauren Esposito, Practising Law Institute

CLE Credit

Travel Information

New York City Seminar Location

PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.

New York City Hotel Accommodations

The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.

The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: res.ny@warwickhotels.com.