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Program Description
The credit crisis created a financial tsunami that left many bankrupt debtors in its wake. Many of these debtors entered into pre-petition transactions that were subsequently challenged because the debtor was alleged to be insolvent at the time. This Webinar addresses the three key components of retrospective solvency analyses (security prices, contemporaneous actions of interested parties, and the three financial tests) and key issues that permeate all components (e.g., standard of value and relevance of hindsight).
Learning Objectives
After completing this webinar, attendees will be able to:
- Specify the three key components of retrospective solvency analyses
- Identify when solvency or valuation-related determinations can effectively be made by the fact record and without the need for incremental expert testimony
- Differentiate between "good" and "bad" hindsight, i.e., identifying when hindsight is used to arrive at result-driven ("bad") or informed ("good") determinations
- Calculate and assess a debtor's capital adequacy and ability to repay its debts
Who Should Attend
CEOs, CFOs, treasurers, business appraisers, attorneys, cpas, practitioners
Presenter(s)
Michael Vitti, CFA
Mr. Michael R. Vitti,CFA, is a managing director at Duff & Phelps, LLC, who focuses primarily on solvency analyses. Notable solvency-related matters include VFB v. Campbell Soup Company and serving as a financial advisor to the court-appointed examiner in the Lehman Brothers bankruptcy case. Mr. Vitti authored a three-part paper ("Grounding Retrospective Solvency Analyses in Contemporaneous Information”) in Business Valuation Review and co-authored an article ("A Cartoon and Other Takeaways from the Tronox Case") in ABI Journal. Mr. Vitti also contributed the bankruptcy-related chapter in The Lawyer's Guide to Cost of Capital, which is condensed in Cost of Capital: Applications and Examples, 5th Ed.
CPE Credit |
Michael Vitti, CFA
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