Corporate Finance & Capital Structure

For a copy of any of the sessions listed please contact Chris Banas, Educational Programs Administrator at 301.961.8816.

8:30 a.m. - 9:30 a.m.

Setting up a Robust Compliance System

• With debt agreement/bond compliance getting more scrutiny, diligence in debt compliance is key, particularly in the SOX environment.  This session will go through a step by step approach to setting up a robust compliance reporting system in your company.
• Melody Joy  Hart, CTP, CPA, Director - Creditor Relations, The Goodyear Tire & Rubber Company  

Credit Markets and their Impact on Capital Structure

• This session will attempt to highlight one company's recent (last 15 months) journey through the credit markets including raising capital for a sizeable acquisition, replacing an accounts receivable securitization program, executing new interest rate swaps and the sizeable refinance of bank debt (revolver and term loans). Overall market trends will be examined by starting with the credit crisis and its sequential impact on rates, trading levels of existing debt (bank and bond), availability of credit, along with other applicable metrics.
• Eric G. Erickson, CTP, Vice President and Treasurer, SunGard Data Systems Inc.  

Inside Washington - Government Relations, Legislative & Regulatory Update

• With the eyes of the world focused intently on the U.S. economy, lawmakers and policy makers in Washington are considering many issues that directly impact treasury and finance. This session is targeted at treasury and finance professionals who want to learn more about the current status of important legislative and regulatory initiatives in Washington. Washington insiders will brief attendees on the latest events in Washington and engage them in a discussion of relevant issues impacting our industry.
• Jeanine H. Arnett, Government Relations Manager, Association for Financial Professionals 
• Maureen A. O'Boyle, CCM, Assistant Treasurer,Shaklee Corporation, Chairman, AFP Government Relations Committee  

10:30 a.m. - 12:00 p.m.

Restructuring Tax-Exempt Variable Rate Debt in the Midst of the Credit Crisis

• Over time, many lessons will be learned from the current credit crisis. This case study will focus on the challenges of restructuring tax-exempt variable rate debt in an environment plagued by uncertainty. Hear how one issuer navigated the markets to restructure tax-exempt variable rate debt during the crisis.
• Sandy G. Reeves, CTP, Vice President, Treasury Services, Texas Health Resources 
• Stefanie  Bez, Senior Vice President, Bank of America, N.A.  

Reducing Your Company's Exposure to Volatility in Equity Valuations

• Rather than focusing on equity valuation swings caused by currency movements, external users of financial statements such as Wall Street analysts and investors tend to concentrate on profit margins, consolidated net earnings, EPS, and cash flows. However, the reversal in the USD from cycle lows posted in 2008 has resulted in sizable hits to the CTA accounts of many US multinational corporations, resulting in impairments, potential breaches of loan covenants, or other events that have true economic impact. Explore the extent to which equity volatility has impacted the valuation of a company and accounting-friendly strategies for insulating an institution's equity or net investment in foreign operations.
• Robert J. Marshall, Jr.,CFA, Vice President, Treasury, Zimmer, Inc. 
• Ivan O. Asensio, Senior Vice President, FX Risk Advisory, HSBC Bank USA, N.A.  

1:30 p.m. - 3:00 p.m.

Blindsided: How Failed Risk Management Ignited the Financial Crisis - And How Smart Organizations Can Rebuild

• How could so many smart people trying to make money lose a trillion dollars while collectively destroying the economy? Alice Schroeder, financial analyst and authorized Warren Buffett biographer, will detail the blind spots in risk management that explain much of what transpired in this and past financial crises. The coming reforms will patch regulatory holes and remove conflicts of interest, but they won't repair the economy or change human nature. Hear how smart companies can use the knowledge gained from this and past crises to address the risk-aversion backlash and instill real risk management into their DNA.
• Alice  Schroeder, Best-Selling Author, The Snowball  

4:00 p.m. - 5:00 p.m.

Implementing Automated Solutions to Streamline Treasury and Finance

• Learn how to focus efforts on technology that assist in automating manually intensive processes. The presentation will review a case study of migrating away from excel spreadsheets to automation in an effort to streamline redundant processes. This session will focus on cash management, variable compensation, A/R, and revenue recognition.
• Peter M. Lyons, Director, Accounting & Financial Reporting, INTECH (a Janus Capital Group Company)  

Mapping Risk, Strategies, and Operations into Capital Structure Decisions

• In today's global economy, organizations are making quick, and often uncoordinated, strategic and operational decisions that affect long-term financial viability. This presentation maps how strategic and operational decisions impact risk, and ultimately, the capital structure of an organization. The presentation also includes checklists and tools for treasurers to use in mapping and tracking how business and economic activities affect capital structure and long-term organizational sustainability
• Roderic  Hewlett, DA, CTP, CFM, Vice President Product Strategy and Development, Laureate Education, Inc.  

10:30 a.m. - 12:00 p.m.

Treasurer's Impact: Net-Settled vs. Cashless Exercises

• This session will review the results of recent study of Fortune 200 companies regarding whether to use net-settled / stock settled SARS or non-qualified stock options. The potential balance sheet and cash flow implications of these decisions will also be discussed - in the last 3 years, if 150 companies had used net-settled stock options instead of non-qualified stock options it would have resulted in reduction in shareholder equity of almost $4 billion.
• Robert J. Callanan, Jr., Managing Director, UBS Financial Services  

The Credit Crisis - That's Another Fine Mess We've Gotten Ourselves Into!

• The past 24 months have been an extraordinary period of time for the global economy. Many people have been asking: How did we get here, where are we now, and where are we heading? This session will review the events of the past 2 years, describe where we are now, and offer insight to where we might be heading.
• Brian T. Kalish, Director, Finance Practice Lead, Association for Financial Professionals  

2:00 p.m. - 3:00 p.m.

Global Financial Instability: Fed and FDIC Policies and Programs to Calm the Waters

• Financial professionals have become much more interested in the Federal Reserve and the FDIC as the financial health of the entire global economy has come into question. This session will afford the opportunity to hear directly from the Federal Reserve and FDIC regarding the programs they have enhanced and developed in response to events that have shaken the foundations of global commerce.
• David  Wright, Group Vice President, Banking Supervision and Regulation, Federal Reserve Bank of San Francisco 
• J. George  Doerr, Deputy Regional Director, Division of Supervision and Consumer Protection, FDIC  

Financing Challenges and Solutions for Tax-Exempt Entities

• Much of the media focused on the problems that investors in auction rate securities experienced due to their inability to redeem their principal. However the issuer of these bonds such as hospitals and municipal borrowers saw interest rates paid go to up to 20% in some cases. This presentation will explore the types of debt that were used to refinance auction rate securities and the new financing vehicles available tax-exempt organizations and investors or lenders to these entities.
• Gregg  Radke, CTP, Director of Treasury, Children's Mercy Hospital 
• Jordan R. Melick, Managing Director, Healthcare Municipal Finance, Morgan Keegan  

3:15 p.m. - 4:15 p.m.

Callable Debt Management: The Call Efficiency Measure and Optimal Debt Refunding

• This session presents a case study of the callable debt management practices of the Federal Farm Credit Banks Funding Corporation (FFCB). The goal is to provide the practitioner with an in-depth understanding of the benefits of callable debt as well as a unique measure - call efficiency - to make optimal call decisions.
• William  Whitehead, Senior Vice President and Director - Research, Federal Farm Credit Banks Funding Corporation 
• Andrew  Kalotay, Ph.D., President, Andrew Kalotay Associates  

8:00 a.m. - 9:00 a.m.

The Financial Crisis - Where We've Been and Where We're Going

• Financial systems are recovering from one of the greatest crises in history. Hear how dependence on credit, focus on short-term financial results, and abundance of cheap capital brought us to the peak of the economic fallout we face today. Gain insight into the actions the government is taking to correct the downturn of the economy, the choices business are facing and the financial decisions we make collectively as a society.
• Michael D. Hagedorn, Chief Financial Officer, UMB Financial Corporation  

9:15 a.m. - 10:15 a.m.

State Tax and Other Incentives: Generating Cash in a Down Economy

• Several states provide incentives that create either tax benefits or cash payments.  At the same time, states have tightened up tax planning opportunities, closing the door on other avenues for lowering tax costs.  This presentation will offer a survey of state incentive programs that corporate finance functions may consider.
• Chris R. McDonald, Director of Finance, Comcast SportsNet 
• Eric M. Anderson, Managing Director, WTAS