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This discussion has been a highlight of the program and will be hosted and attended by special asset/special servicers and real estate restructuring representatives from banks only to candidly discuss the key issues on everyone’s minds in an open, Q&A format where all are encouraged to participate Discussion Leaders: Terri Gumula, Vice President, CITI COMMUNITY CAPITAL [ BIO ] Thomas Deane, Head of Structured Transactions & Special Assets - Real Estate Asset Management, WELLS FARGO BANK [ BIO ]
•Prospects of NOI growth for real estate • Economic growth expectations •Retail sales: Where are they going? • Employment growth • Local expectations • WWBBD: What will Ben Bernanke be doing? • Bank regulation impact • Where do you expect the next round of workouts to be coming from? • What are your top indicators? • Hold vs. Sell: Where do you expect a value increase? • Over there: The impact of Europe Session Chair: Gerald Pietroforte, Managing Director, A&M REAL ESTATE ADVISORY SERVICES, LLC [ BIO ] Panel Participants: Steven Laposa, Loveland Commercial Endowed Chair ni Real Estate - Department of Finance and Real Estate, COLORADO STATE UNIVERSITY [ BIO ] Conrad Andersen, EVP, Managing Director, GRUBB & ELLIS [ BIO ] Jamie Woodwell, Vice President - Commercial Real Estate Research, MORTGAGE BANKERS ASSOCIATION [ BIO ] Robert Kline, Principal & CEO, RW KLINE COMPANIES [ BIO ] Mark Dotzour, Chief Economist Real Estate Center, TEXAS A&M UNIVERSITY [ BIO ]
•Why aren’t you marketing this Property? • 2nd trips, loans extended in 2008-10: What was the cause of the difficulties? How are you working out? •Discounted pay-offs, deeds-in-lieu & structured sales • Retail workouts •Construction loans • Working out a business with real estate • Evaluating the borrower’s role post-restructuring •Broker vs. In-house: Which way to go? • The re-classification decision • Factoring in the cost of litigation •Carrying costs • Are you interested in maintaining an interest? • Cash flowing vs. Non-Cash flowing strategies Session Chair: Marco Lainez, Managing Director, Northeast/Mid Atlantic, GUARDIAN INVESTMENT REAL ESTATE [ BIO ] Panel Participants: Mark Kleinhaut, Senior Vice President - Eastern Regional Manager, Asset Recovery Group, KEY BANK NATIONAL ASSOCIATION [ BIO ] Peter E. LaPointe, President - Archetype Financial Institution Services, LNR PARTNERS, LLC Richard Pulido, Principal, PRUDENTIAL MORTGAGE CAPITAL COMPANY [ BIO ] William Procida, President, PROCIDA FUNDING, LLC [ BIO ] Jeffrey Lenobel, Partner and Chair of the Real Estate Department, SCHULTE ROTH & ZABEL LLP [ BIO ]
•FDIC Sales: Have you participated? Have you been looking at FDIC deals? •What level of involvement or contact should a note buyer have with the borrower during the due diligence process? • Have you kissed alot of frogs before you found your prince? • Cash component of deal and financing •Buying out of foreclosure • Was price the only reason you won the deal? •Contract terms: What will you go for? What will you not? • Pricing risk into the equation Session Chair: Scott Farb, Principal, REZNICK GROUP, P.C. [ BIO ] Panel Participants: Tom Moran, Principal, ATALAYA CAPITAL MANAGEMENT LP Julie Tanaka, CEO and Principal, COMPENDIUM CAPITAL GROUP [ BIO ] Renee Lewis, Managing Director, HUDSON REALTY CAPITAL Scott Schwartz, Senior Managing Director, MARATHON ASSET MANAGEMENT [ BIO ] Jonathan Schultz, Managing Principal, ONYX EQUITIES, LLC [ BIO ] Patterson Jackson, Chief Executive Officer, SABAL FINANCIAL GROUP, L.P. [ BIO ]
•Bankers: What % of your resolutions are via auction? • Structures and asset classes that perform best? • Documents needed • Financing the note; Cash vs. Financing • Evaluating the buyer • Assessing the nature of the assets vs. the speed and price of disposition • How many closes don’t actually close? • Appraisals and asset valuation • Bid procedures •In-house bank auctions • Due diligence process • Note vs. REO auctions •When do you consider an auction? After a traditional disposition effort has not succeeded or when initially determining a disposition method? • Differences between service providers • Bidding options and performance Session Chair: Nancy Tafoya, Consultant, SOLUTIONS IN PRACTICE [ BIO ] Panel Participants: Richard B. Maltz, Vice President, DAVID R. MALTZ & CO., INC. [ BIO ] Sean Randall, REO & Asset Valuation, GREAT FLORIDA BANK [ BIO ] Joe French, Senior Director, National Retail Group, MARCUS & MILLICHAP [ BIO ] Max Spann Jr., President, MAX SPANN REAL ESTATE & AUCTION CO. [ BIO ] William Stolberg, Director-Commercial Real Estate, OCWEN LOAN SERVICING, LLC [ BIO ] Richard Pulido, Principal, PRUDENTIAL MORTGAGE CAPITAL COMPANY [ BIO ]
Condo to multifamily rental conversion • Mixed-building complexities Disposal strategy • High rise vs. low rise • Choices for unfinished projects • Working with associations • Bulk unit vs. Individual unit sales • The auction disposal option Session Chair: Steve Quinn, Business Development Mngr., FIRST FINANCIAL NETWORK Panel Participants: Andrew Keith, SVP - Business Support Unit, LLOYDS BANK [ BIO ] Brian M. Stolar, President and CEO, THE PINNACLE COMPANIES [ BIO ] Tom Kaplan, Principal, THE RENATUS GROUP [ BIO ] Steven E. Ostrow, Partner, WHITE AND WILLIAMS LLP [ BIO ]
*How do non-US lenders approach workouts * Are foreign banks willing to provide financing on loan sales? * Managing a multi-national syndicate or capital stack * Choosing a loan sales advisor * Evaluating the effect of the current economic situation on European lenders * Loan sales involving non-US lenders * Regulatory & political considerations in the US and back home Session Chair: Warren Bernstein, Partner, KAYE SCHOLER LLP [ BIO ] Panel Participants: Hugh Hilton, Co-Founder & CEO, ALVAREZ & MARSAL CAPITAL RE, LLC [ BIO ] Whitney H. Wilcox, Senior Managing Director, HOLLIDAY FENOGLIO FOWLER [ BIO ] Michael Carter, Senior Vice President, HSH NORDBANK John J. Regan, Jr., Managing Member, PARK BRIDGE FINANCIAL LLC [ BIO ]
•Maintaining control & interest • Current pricing: Will it stay up? •Special considerations when working out offices with ground floor retail Session Chair: Timothy E. Davis, Partner, WHITE AND WILLIAMS LLP [ BIO ] Panel Participants: Terri Gumula, Vice President, CITI COMMUNITY CAPITAL [ BIO ] Steve Johnson, Vice President, RAYMOND JAMES [ BIO ] Eric Lindner, Executive Managing Director, SITUS [ BIO ] Steven E. Ostrow, Partner, WHITE AND WILLIAMS LLP [ BIO ]
• When use vs. REO sale • Small vs. Big balance transactions • Accounting issues to be aware of • Loan sale negotiations • How does a lender deal with existing guarantees for a recourse loan when deciding to sell a note? Does it make any difference when the loan is subject to an FDIC loss-sharing agreement? • Note sale disposition options • Participations & their agreements • Valuation issues • Assumption of liabilities Session Chair: John Morris, President, FIRST FINANCIAL NETWORK Panel Participants: Adam Barsky, Executive Vice President - Chief Risk Officer, IDB BANK Robert Kline, Principal & CEO, RW KLINE COMPANIES [ BIO ] Thomas Deane, Head of Structured Transactions & Special Assets - Real Estate Asset Management, WELLS FARGO BANK [ BIO ]
•When is the sum of the parts worth more than the whole? Visa versa? •Accelerated process vs. value • Portfolio composition • Marketing & bidding • Exit methodologies • Large vs. Small deals • Portfolio valuation: Is the larger the portfolio the larger the haircut? Session Chair: Michael Lesser, Managing Director, EASTDIL SECURED, LLC [ BIO ] [ 
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Panel Participants: Joshua Olshin, Managing Partner, AUCTIONADVISORS [ BIO ] Bruce F. Davidson, AVP, FEDERAL RESERVE BANK OF NEW YORK Margery Ann Longstreet, REO/Special Assets Manager, GENWORTH FINANCIAL [ BIO ] Richard Levine, Managing Partner, GUARDIAN INVESMENT REAL ESTATE [ BIO ] Graham Martin, Partner, KPMG [ BIO ] Barbara Dansker, Special Asset Services, MARCUS & MILLICHAP [ BIO ]
* Hold or sell? The bank perspective * Role of receiver * Impact of current economy on different hotel markets * How are you handling flag issues? * Mixed use & Condo hotels * Working out full vs. limited service properties * The value-added proposition * Keeping the brands happy * Protection advances * Who’s lending and what are the sweet spots * Are pips being reduced? * Cash-flow mortgages as a restructuring approach * An update on credit bids for hotel assets Session Chair: Michael Nanosky, President, JANUS HOTELS & RESORTS [ BIO ] Panel Participants: Tim Mazzetti, Partner & Executive Vice President, COHEN FINANCIAL [ BIO ] Andrew Keith, SVP - Business Support Unit, LLOYDS BANK [ BIO ] Steve Van, President & CEO, PRISM HOTELS & RESORTS [ BIO ] Luca Montalti, Vice President, TORCHLIGHT INVESTORS [ BIO ]
•Should you keep the owner involved? • To TDR or not to TDR: That is the question • Contrasting regulatory regimes • Pitfalls of existing remedies •Participations/Sub debt • Impact of jurisdiction • Not getting caught in the tax traps including debt forgiveness and timing of tax event • Pre-negotiation agreements • Arms length considerations • Is extend and pretend still in vogue? • Anatomy of a discounted pay-off Session Chair: Stuart J. Glick, Member, SILLS CUMMIS & GROSS P.C. [ BIO ] Panel Participants: Kenneth W. Grams, Executive Vice President & Chief Credit Officer, CITIZENS FIRST NATIONAL BANK [ BIO ] Ira Perlmuter, Chairman of the Credit Committee, COMMUNITY FEDERAL SAVINGS BANK [ BIO ] Mark Kleinhaut, Senior Vice President - Eastern Regional Manager, Asset Recovery Group, KEY BANK NATIONAL ASSOCIATION [ BIO ] Gregg Bloomberg, Principal, REZNICK GROUP, P.C. [ BIO ]
Geography, Assets, Size: What do foreign buyers look for? • Who is active? • Motivations • Pitfalls and complications to be aware of • Who will be financing the loan? • Patriot Act concerns • Finance or all cash? • Exit strategy options • Regulatory guidance for major foreign US real estate players • Serving papers out of the US • Advances and Letters of credit • Tax issues to be concerned with • Bankrupt local entity: A playbook to go after the home office Session Chair: Clark Rogers, Senior Vice President-Loan Servicing & Asset Management, KEY BANK NATIONAL ASSOCIATION [ BIO ] Panel Participants: Toni V. Meyer Walker, Managing Director, CWCAPITAL REAL ESTATE SOLUTIONS [ BIO ] Hernan Magariños, Director, Portfolio Solutions Group, KPMG LLP [ BIO ] Jorge Carvallo, Credit Officer, BANESCO USA [ BIO ] Dev Strischek, SVP & Senior Credit Policy Officer-Corporate Risk Management, SUNTRUST BANK [ BIO ] [
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• Receiver/banker issues • Evaluating the 363 sale process & procedures:When is it the best route? • Risks of sale in a bankruptcy setting • Local issues including trustee selection • Title complexities • Trustee role • Junior lien issues • Free and clear sale questions • Non-residential leases and executory contracts Session Chair: Brian Hermann, Partner, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP [ BIO ] Panel Participants: Toni V. Meyer Walker, Managing Director, CWCAPITAL REAL ESTATE SOLUTIONS [ BIO ] Adam Barsky, Executive Vice President - Chief Risk Officer, IDB BANK Nancy Tafoya, Consultant, SOLUTIONS IN PRACTICE [ BIO ]
This meeting will focus on the smaller banks and the issues that they are facing when working out their real estate assets: capital limitations, limited personnel, role of participants. Discussion Leader: Jorge Carvallo, Credit Officer, BANESCO USA [ BIO ]
Comparing land for current vs. future development • Entitled vs. Raw land • How do you treat land for residential vs. commercial properties? • Evaluating land in a context of growth and other key economic drivers • Are bank’s taking steps to enhance the value of owned land through entitlement, re-entitlement, etc.? • Since the cost of carry on land is relatively low, why sell now vs. hold? • Unforeseen costs and issues that cause re-trades and delays • Key considerations when crafting a workout plan? • What strategies have worked with homebuilders? Session Chair: Tim Mazzetti, Partner & Executive Vice President, COHEN FINANCIAL [ BIO ] Panel Participants: Richard M. Gollis, Co-Founder & Principal, THE CONCORD GROUP, LLC [ BIO ] Chris Demko, Senior Vice President and Corporate Workout Manager, FULTON FINANCIAL CORPORATION [ BIO ] Rodney A. Montag, Director of Investments, NE, MOUNTAIN REAL ESTATE CAPITAL [ BIO ]
Composition of groups • Assessing the kinds of steering committees • Problem loan review & reclassification • Plusses and minuses of being on a steering committee • How are decisions made? • FDIC participation on steering committees Session Chair: Mark F. Liscio, Partner, KAYE SCHOLER LLP [ BIO ] Panel Participants: E. Lindsay Gordon, Executive Director, CANADIAN IMPERIAL BANK OF COMMERCE [ BIO ] Frank D. Tardif, Managing Principal, EXPERIENTIAL ECONOMICS [ BIO ] Tom Stackhouse, Senior Vice President / Senior Credit Officer, INVESTORS BANK [ BIO ] John-Charles Van Essche, Managing Director, NATIXIS BANK [ BIO ]
This session promises to be non-legalese and will go through real-life examples of how special asset officers are fighting the loan document deficiency battle •Alternative dispute resolutions • Litigation & Defense lessons learned •Debt forgiveness & its tax impact • Deed-in-lieu vs. foreclosure • Selling the loan back to the borrower • Lender liability: Does it apply when bringing in external capital? • The spoken word: Is there potential liability? •Fixing documentation defects: What do you need to give in return? •Participation agreements Session Chair: Tom Stackhouse, Senior Vice President / Senior Credit Officer, INVESTORS BANK [ BIO ] Panel Participants: Gary Whittington, Business Unit General Counsel, AEGON USA REALTY ADVISORS, LLC [ BIO ] Kenneth W. Grams, Executive Vice President & Chief Credit Officer, CITIZENS FIRST NATIONAL BANK [ BIO ] Mitchell D. Haddad, Member, SILLS CUMMIS & GROSS P.C. [ BIO ]
• Life company workout issues • Special servicer/debt buyer role • Why the location of your loan matters on a restructure • The restructuring plan • Special servicer negotiations • Payment relief, debt deferral, debt forgiveness, extensions or hybrid approaches: Which modification work best for your situation? Session Chair: Harris Freidus, Partner, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP [ BIO ] Panel Participants: Gary Whittington, Business Unit General Counsel, AEGON USA REALTY ADVISORS, LLC [ BIO ] Cynthia Nelson, Senior Managing Director, FTI CONSULTING [ BIO ] Clark Rogers, Senior Vice President-Loan Servicing & Asset Management, KEY BANK NATIONAL ASSOCIATION [ BIO ] Brian P. Vahey, Jr., Senior Vice President, MESIROW FINANCIAL CONSULTING, LLC [ BIO ] Lawrence Smoler, Senior Vice President, TORCHLIGHT INVESTORS [ BIO ]
• TDRs Defined • A/B Notes • Stress Testing • What is DC focusing on? What are the regional focuses? • Dodd-Frank implementation • Common concessions and consequences of implementing concessions from a regulatory/examination point of view • Pitfalls, downsides & strategies that meet the TDR definition and should they be pursued • Adjusting your strategies to avoid TDR treatment Session Chair: Alex Sanchez, President and CEO, FLORIDA BANKERS ASSOCIATION [
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Panel Participants: Robert G. Lasher, President, Chief Consultant, LASHER & ASSOCIATES [ BIO ] Dev Strischek, SVP & Senior Credit Policy Officer-Corporate Risk Management, SUNTRUST BANK [ BIO ] [
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