Wednesday, August 5th, 2015
12:16 AM
Registration/Breakfast

8:00 AM
CLOSED DOOR SESSION FOR BANK WORKOUT EXECUTIVES
This roundtable discussion, which is strictly limited to real estate workout/restructuring representatives from banks, will enable participants to freely discuss issues at the top of their agenda in a confidential peer-to-peer open discussion forum where all are encouraged to participate.

  • Gabriele Mueller, Head of Portfolio Strategy, ERSTE ABWICKLUNGSANSTALT (Discussion Leaders)
  • James Rowney, Head of West Register UK, THE ROYAL BANK OF SCOTLAND GROUP PLC (Discussion Leaders)
9:00 AM
EUROPEAN REAL ESTATE MARKET & BANK WORKOUT/SALES UPDATE
* Examining shifts in UK/European bank behaviour * Have banks taken sufficient provisions/write-downs to clear their books? * If not, what will it take and over how long? * What volume of distressed debt have banks worked out? Sold? Are still holding? How much more is coming due over the next 2-3 years? * How stable is the distressed debt/asset buyer pool? What categories of buyer are there? What pricing/terms are they looking for? What assets are banks willing to sell and at what price? Will this change anytime soon? When will they be more willing to sell non-performing loan portfolios? What are their criteria to sell their portfolios and at what price? * Are bad banks working? * Do the banks have the expertise, capital or time to work out their real estate loans/assets? * What exactly are banks doing? Are there large differences in the approach taken? Are there jurisdictional differences? What are the banks trying to achieve under what constraints? What is holding the banks back in achieving their goals? * Bank/building society consolidation trends; What will we see in Q3/Q4 2011? * Emergence of a two-tier market – prime vs. secondary? Consequences? * European Financial Stability Facility (EFSF): How does it compare to the US’ Troubled Asset Relief Program (TARP)? How effective has it been/is it likely to be? What more is needed to lessen the liquidity crunch in Europe? * When will we see new lenders entering the UK market? Insurance companies? Will Solvency II encourage this? Sovereign Wealth Funds? * How does the profile of the banking industry and recent crisis in the US differ from that of the major European markets? * What has the government response to the crisis been in the US versus that of the European governments? * Are the banks the 'gatekeepers' to getting the European CRE market going again? *

  • Peter Cosmetatos, Chief Executive, CRE FINANCE COUNCIL EUROPE (Session Chair)
  • Candace Valiunas, Head of European Real Estate, CAMBRIDGE PLACE PROPERTY SERVICES LTD
  • Peter Kasch, Managing Partner, CATALYST CAPITAL LLP
  • Mark Tagliaferri, Managing Partner, GI PARTNERS
  • Marty McCarthy , Chief Executive Officer, VALAD EUROPE
12:16 AM
MEZZANINE LOANS, CMBS & SPECIAL SERVICING
* What happens when an asset is transferred to special servicing? * What roles, duties, authority does a special servicer have in dealing with defaults? * What workout strategies have you adopted/are you adopting? How have/are these faring? * How have your procedures changed over the last year? Are you more likely to sell loans/foreclose properties now? * What do you currently have on your plate? How are you handling this? What is the hold up in getting these loans worked out? * Is extend-and-pretend winding down? Assessing extension risk * Enforcement options open to special servicers * Debt buy-backs * Debt-for-equity swaps * Are there jurisdictions that are more favourable for mezzanine lenders in a restructuring? * What can the European market learn from the US? * What's happening with appraisal reductions? Are appraisals getting done in this market? On what basis? * How are you interacting with borrowers to move underwater loans out the other side? * From the borrower's perspective why should a special servicer come to the table earlier? * Managing conflicts between the senior debt and sub-debt holders * How can the different stakeholders in a deal work effectively with you? * Litigation trends * Special servicing fees * Outlook for 2011-2013 *

  • Sean Crosky, Of Counsel, NORTON ROSE LLP (Session Chair)
  • Prabjot Mann, Director, BROOKLAND PARTNERS LLP
  • Serenity Morley, Senior Manager, CAPITA ASSET SERVICES
  • Clarence Dixon, Managing Director Asset Management, HATFIELD PHILIPS INTERNATIONAL LIMITED
  • J-P Nowacki, Director, SFM EUROPE
12:16 AM
Morning Refreshments Courtesy of:


11:00 AM
MACRO ECONOMIC PERSPECTIVE ON EUROPE & THE LIKELY IMPACT ON REAL ESTATE FOR 2011-2012
* Countries in economic vs. property recession: Are any still in denial? How does government/regulator activity compare? * Where are fundamentals today? More stable? Examining interest rates; inflation/deflation; cap rates; bid-ask spreads; vacancy rates; sales rates, etc. * Is a double dip recession on the horizon? Will the wave of CMBS maturities tip the balance? * Understanding the macro impact of no/low growth or double dip * Examining the potential consequences of a widening imbalance in growth rates between performing vs. under-/non-performing countries * Will the Euro survive the sovereign debt crisis? What are the implications? * Bank stress-testing: Is it reliable? * How does the European economic outlook compare to the US? * Country update/outlook: Germany, UK, France, Italy, Spain, Ireland, Portugal, Greece, CEE *

  • Holger Schmieding, Chief Economist, BERENBERG BANK (UK) (Session Chair)
  • Richard Barwell, , RBS GLOBAL BANKING & MARKETS
  • Simon Rubinsohn, Chief Economist, ROYAL INSTITUTION OF CHARTERED SURVEYORS
12:16 AM
REFINANCING: FILLING THE 'DEBT GAP' TO MEET THE LIQUIDITY CHALLENGE
The pool of available debt is still limited in Europe, but an increasing number of investors are seeing opportunities in financing real estate. In this panel we bring together lenders that are providing liquidity to help deals come out of distress. Issues that will be discussed include: * How are you viewing the current environment? What direction are the European debt capital markets moving? * Is there white knight financing available at a reasonable price? Is it limited to prime properties in prime locations? What wouldn’t you touch? * Are any jurisdictions more attractive than others? * How are you working with/negotiating with banks and borrowers to enable the restructuring of loans? Are banks 'allowing' sub-debt in these deals? Are inter-creditor agreements changing? * What terms/conditions are you looking for? What are banks/borrowers looking for? Are there new financing structures being introduced? * What are your exit strategies? * Refinancing debt to equity * Impact of declining credit scores of high-net-worth buyers * Time needed to close * Is there a market for refinancing mezzanine loans? * More equity: How much is needed? * Refinancing CMBS vs. bank loans * What do you see as the future of the securitization model? * When will financing availability in Europe really begin to pick up? What will be the catalyst for this? * What are your deal flow and performance expectations for 2011-2012? *

  • Raji Bartlett, Partner, SJ BERWIN (Session Chair)
  • Cyrus Korat, Senior Investment Manager, DUET PRIVATE EQUITY LTD.
  • Sven Andersen, Partner, KPMG
  • Paul Rivlin, Joint Chief Executive, PALATIUM INVESTMENT MANAGEMENT
12:16 AM
Lunch

12:16 AM
ASSET MANAGEMENT FOR RECOVERY: STABILIZING & MAXIMIZING THE VALUE OF REPOSSESSED ASSETS VIA IN-HOUSE EFFORTS, JOINT VENTURES & THIRD PARTY MANAGEMENT
* How to determine how much capital expenditure is needed to stabilize the property? Ascertaining which improvements are essential vs. non-essential * When to outsource asset management function vs. do in-house? What to look for in a third party asset manager? * Selecting and working with a joint venture partner: Key issues and considerations * Asset management concerns for each of the different property types (office, residential, retail, etc.) * Key steps to effective and efficient property management: Vacant vs. occupied * Repositioning properties to better meet market demand. Valuing repositioning or repurposing in the current market * Examining creative approaches to maintaining and adding value to repossessed assets: Recent case studies * Lender liability concerns * Restructuring leases * Administrators/receivers as asset managers * Ensuring tenant retention and marketing to new tenants: What role does the bank play? *

  • Mark Downham, Director - Valuation Services, EDDISONS COMMERCIAL LIMITED (Session Chair)
  • Chip Good, Executive Director, JP MORGAN
  • Alex Price, Chief Executive, PALMER CAPITAL PARTNERS
  • Gunther Deutsch, Founder, PAMERA ASSET MANAGEMENT GMBH GERMANY
  • James Rowney, Head of West Register UK, THE ROYAL BANK OF SCOTLAND GROUP PLC
12:16 AM
NAVIGATING DISTRESSED HOTEL WORKOUTS
* Working out luxury vs. economy hotels and all other types in-between * Taking back a casino: Is it worth the gamble? * Review of hotel market segments and economic trends * Where do you see equity infusions coming from? * Brands and management companies in today’s distressed environment: What criteria should workout officers be looking at before hiring a brand/ management company to help bale them out of a troubled asset? * Relationship between a management company and court-appointed administrator * Re-negotiating, replacing or breaking a brand agreement post-foreclosure * How should borrowers approach a work out? * Setting a sale price * What factors influence you selling a note or doing a quick off market sale versus taking an asset to open market? *

  • Clive Hillier, CEO & Co-Founder, VISION HOSPITALITY ASSET MANAGEMENT (Session Chair)
  • Marty Kandrac, Managing Director, THE BLACKSTONE GROUP INTERNATIONAL PARTNERS LLP
  • Ramsey Mankarious, Chief Executive, CEDAR CAPITAL PARTNERS
  • Duncan Poole, Director, West Register Property, THE ROYAL BANK OF SCOTLAND PLC
  • Jan Hazelton, Managing Director, TAYLOR GLOBAL ADVISORS
  • Graeme Smith, Partner, ZOLFO COOPER
12:16 AM
Afternoon Refreshments Courtesy of:


12:16 AM
A FOCUS ON RMBS WORKOUTS
* What are the main issues impacting RMBS workouts? * What are the roles and obligations of special servicers in RMBS defaults? * What enforcement actions are you using? Are they working? * What loss mitigation strategies do you use? How successful have these been? * How have your procedures changed over the last year? Are you more likely to sell loans/foreclose properties now? Continue with extensions? Assessing extension risk * Have you done principal reductions? * What is the rate of re-defaults post loan modification? * What can Europe learn from the US? Are there ‘robo-signer’ issues? * What is the latest on litigation cases? * Inter-creditor issues: How are you managing the conflicts between the different holders of debt? * How can the different stakeholders in a deal work effectively with you? *

  • Dipesh Mehta, Director - European ABS Strategy, BARCLAYS (Session Chair)
  • Amany Attia, CEO, ACENDEN LIMITED
  • Phil Adams, ABS & Mortgage Strategy, RBS
  • John Calvao, Chief Executive Officer, WHITESTAR SERVICING COMPANY, SA
12:16 AM
Networking Reception

Wednesday, August 5th, 2015
12:16 AM
Breakfast

9:00 AM
THE ANATOMY OF A SUCCESSFUL WORKOUT: LESSONS LEARNED
This panel will have borrowers, bank workout executives, lawyers and other parties akin to the workout negotiation discuss key steps and processes for a successful workout. Among the issues that will be addressed are: * Internal steps before commencing workout negotiations * Who should perform the documentation * Analysis and what should they be looking for? * Calculating resources needed for the workout/negotiation process * Formulating an action plan * When to require a pre-negotiation agreement with the borrower? * Evaluating a borrower's turnaround capabilities * What to do in-house vs. outsource * Devising a negotiation strategy * Having a back-up plan/strategy * Minimizing exposure to liability * Common stumbling blocks and ways to overcome them

  • Patrick Anderson, Director, ALVAREZ & MARSAL EUROPE LLP (Session Chair)
  • Fionnuala Hogan, Managing Director, Joint Head of Global Workout RE Europe, DEUTSCHE PFANDBRIEFBANK AG
  • Chip Good, Executive Director, JP MORGAN
  • Dan Kennedy, Senior Associate, NORTON ROSE LLP
  • Lorna Brown, , ROYAL BANK OF SCOTLAND
  • Jonathan Braidley, , WESTDEUTSCHE IMMOBILIENBANK AG
12:16 AM
WHEN TO EXTEND & PRETEND? WHEN TO RESTRUCTURE? WHEN TO SELL? OPTIONS/ROUTES/CONSIDERATIONS FOR BANKS
* Non-performing vs. distressed * Which issues are under the seller’s control? Which are not? * Calculating cost of carry, including vacant & half-built properties * Hold vs. liquidate note/property: Fully weighing the risks of holding * Restructuring underwater loans * Forced sale vs. soft restructuring * Making up the equity gap * Pitfalls of existing remedies * How to deal with big, ugly problems * Bringing in new capital * Selling the loan back to the borrower *

  • Findlay Macpherson, Senior Risk Specialist, Corporate & Financial Institutions Credit Risk team,, FINANCIAL SERVICES AUTHORITY (Session Chair)
  • Tim Vaughan, Director, DEUTSCHE PFANDBRIEFBANK AG
  • Graham Martin, Global Leader, KPMG
  • Gunnar Carlsson, Senior Advisor, SEB MERCHANT BANKING
  • Shirley Sinclair, Executive Director, WESTDEUTSCHE IMMOBILIENBANK
12:16 AM
Morning Refreshments Courtesy of:


12:16 AM
LOAN/REPOSSESSED ASSET BUYER PERSPECTIVE PANEL: SOURCING SALES/DUE DILIGENCE/DEAL STRUCTURES, TERMS & PRICING EXPECTATIONS
* What it takes to get my attention * Steps a bank can take to meet my criteria for buying portfolios * Sourcing sales * Buying a note vs. repossessed asset: Key differences * Approaching a bank to buy loans/repossessed assets: What does it take to impress the bank in a buyer interview? * Due diligence process and timeframe * Valuation * Connecting with a broker * How the broker determines who to recommend to the bank as a buyer * Does the borrower play a role in the sale process? * Deal structures; terms; pricing: Sweet spots and ‘no-gos’ * Unexpected challenges * Top tips for beating the competition and sealing the deal *

  • Ruprecht Hellauer, Managing Director, ALBULUS ADVISORS GERMANY GMBH (Session Chair)
  • Rüdiger von Stengel, Managing Director and Partner, ART-INVEST REAL ESTATE MANAGEMENT
  • Hamish MacDonald, Head of Acquisitions, MGPA
  • Logan Smith, Principal, ARCOS MANAGEMENT
  • David Ruiz, Partner, SERONE CAPITAL MANAGEMENT
12:16 AM
STRUCTURED SALES: SELLER FINANCE, JOINT VENTURES, PARTICIPATIONS FOR LOAN PORTFOLIOS
* Under what conditions would you do a structured sale? * Off-balance sheet entities * A/B structures & loan bifurcation * Does seller financing increase the troubled property’s return? Is it worth the risk? * Joint venture & participation waterfall *

  • Neil Servis, CEO, SERONE CAPITAL MANAGEMENT (Session Chair)
  • Dilip Awtani, Managing Director, COLONY CAPITAL, LLC
  • Roland Schmidt, Principal, FORTE CAPITAL
  • Andrew Jenke, Director, Portfolio Solutions Group, KPMG
12:16 AM
Close of IMN's European Bank & Financial Institutions Conference on Real Estate Workouts

Event Contacts
Managing Director
Andy Melvin
(212) 901-0542
amelvin@imn.org
SVP/Conference Producer
Catherine Miller
(212) 901-0541
cmiller@imn.org
Vice President - Sales
Robert Bass
(212) 901-0535
rbass@imn.org
Head of Sales - Real Estate
Todd Rosenberg
(212) 901-0552
trosenberg@imn.org
Head of Conference Coordination
Natalie Smith
(212) 224-3508
nsmith@imn.org
Venue
One Great George Street

Phone: 44 (0) 20 7665 2323
Website: http://www.onegreatgeorgestreet.com/index.asp


Westminster, London, SW1P 3AA
UK


Hotels
Doubletree by Hilton Hotel London - Westminster

30 John Islip Street
London, , SW1P 4DD
UK

When making reservations tell the agent that you have a booking at One Great George Street to receive discounts if available.

Phone: 44 (0) 20 7630 1000
Website: http://doubletree1.hilton.com/en_US/dt/hotel/LONWMDI-DoubleTree-by-Hilton-Hotel-London-Westminster-/index.do

Crowne Plaza St James 4 Deluxe

41-54 Buckingham Gate
London, , SW1E 6AF
UK

When making reservations tell the agent that you have a booking at One Great George Street to receive discounts if available.

Phone: 44 (0) 20 7834 6655
Website: http://www.london.crowneplaza.com

Grange City 5

8-10 Cooper's Row
London, , EC3N 2BQ
UK

When making reservations tell the agent that you have a booking at One Great George Street to receive discounts if available.

Phone: 0845 450 4400
Website: http://www.grangehotels.com

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