Below is the agenda for the previous Forum on Distressed Residential Real Estate.

The next forum takes place June 26-27, 2008 in Las Vegas at the Bellagio Hotel.  For details and a discount registration form, contact Susan Greene at Susan@CondoHotelCenter.com, 407-578-5528.

The Forum on Distressed Residential Real Estate

March 18, 2008, 12:15 p.m. – 7:20 p.m.

March 19, 2008, 8:00 – 5:00 p.m.

Tuesday, March 18, 2008

12:15 Registration for IMN's Distressed Real Estate Symposium Begins, Light Buffet

12:55 Welcome from IMN...Chairman's Opening Remarks:

James L. Berger, Co-Chief Executive Officer BERGER SINGERMAN

1:10 AN OVERVIEW OF THE DISTRESSED RESIDENTIAL MARKET & KEY MACROECONOMIC FACTORS IMPACTING THIS MARKET

• Comparing Today's Distressed Market vs. Past
• Evaluating Short-Term Economic Strength
• Where Exactly in the Cycle are we?
• Have Lenders Started Unloading Product? Role of Banks Under Stress
• How is Government Affecting this Market?
• Who are the Buyers? The Expected & Non-Expected
• Assessing the Strength & Importance of the Rental Market
• How Much Further do you Expect Prices to Fall?
• Mortgage & Jumbo Market Outlook
• Role of Pricing
• Housing Fundamentals: Are they Still Out of Whack? How Far Must they Fall to be in Sync with Rent?
• Expected Length of this Cycle
• Which Markets are Bottoming Out? Why?
• Home Prices & Foreclosure Levels: Where are they Going?
• Impact of Declining Interest Rates on the Credit Crunch

Session Chair:
Jay Neveloff, Partner KRAMER LEVIN NAFTALIS & FRANKEL, LLP

Panel Participants:
Matt Wanderer, Principal ALTERRA CAPITAL GROUP
Douglas Wilson, Chairman and CEO DOUGLAS WILSON COMPANIES
Leonard M. Klehr, Vice Chairman LUBERT-ADLER PARTNERS, LP
Brian Newman, Managing Director MADISON DEARBORN PARTNERS, LLC
Peter Fioretti, Chief Executive Officer MOUNTAIN FUNDING
Robert Sheridan, President ROBERT SHERIDAN & PARTNERS

2:10 PRIVATE EQUITY BUYERS' ROUNDTABLE: IS IT TIME TO JUMP IN AND CAPITALIZE ON THE OPPORTUNITIES?

• Where/What are you Looking to Buy? What Price are you Willing to Pay?
• Fundraising in Area
• Are you Planning to Work with Local Joint Venture Partners?
• What do LPs Look for in Distressed Funds?
• Are you Planning a Dedicated Fund or are you Using an Existing Fund to Buy your Distressed Properties? 
• Property vs. Company vs. Paper
• Fund Size/Strategy
• Investment Target Size

Session Chair:
Anthony Casareale, Shareholder AKERMAN SENTERFITT

Panel Participants:
Adam R. Schwartz, Managing Director ANGELO, GORDON & CO.
Amachie K. Ackah, Managing Partner CEDAR HILL REAL ESTATE PARTNERS
William Tsai, Managing Partner LONGRIDGE CAPITAL ADVISORS, LTD
Frank Small, Managing Director JER PARTNERS
Jeff Krinsky, Principal PANTHER REAL ESTATE PARTNERS
Robert Watman Senior Vice President STERLING EQUITIES
Jeffrey S. Quicksilver, Principal WALTON STREET CAPITAL, LLC

3:10 Refreshments Courtesy Of:

 
CONCURRENT SESSIONS: PLEASE CHOOSE "A" OR "B"

3:35 - A - CONSIDERING ALTERNATIVE USES

• Navigating the Transformation to Workforce/Low Income Housing
• Mixed-Use Opportunities
• Adding Commercial/Hotel/Office Space

Session Chair:
Robert W. Barron, Shareholder BERGER SINGERMAN

Panel Participants:
Samuel E. Poole, III, Shareholder BERGER SINGERMAN
Leonard M. Klehr, Vice Chairman LUBERT-ADLER PARTNERS, LP
David Schwartz, Managing Principal THE MANAGEMENT CONSORTIUM
Russell Appel, President THE PRAEDIUM GROUP

3:35 - B - DISTRESSED PAPER: WHOLE LOANS, MEZZ LOANS, CMBS AND CDOS AND THEIR SECONDARY MARKET OPPORTUNITIES

• How do you Price a Non/Under-Performing Loan?
• Where do you Want to be in the Capital Stack? Why?
• Evaluating Subprime Residential vs. Commercial Loans
• Evaluating Securitized vs. Non-Securitized
• Servicing & Special Servicing Issues
• Workouts
• Impact of Who Really Owns the Loan
• What is Paper Currently Trading at? Why?
• How do Investors in Risk Positions Play?
• CDO Paper Acquisition
• What is the Roadmap to Success for Distressed Bridge Loans?
• Investing in First vs. Second Mortgages
• Buying Distressed Residential Mortgage Pools & Defaulted Loans
• Profile of Stuck Deals
• Best Short-Term Arbitrage Deal

Session Chair:
Joseph Forte, Partner ALSTON & BIRD LLP

Panel Participants:
Stephen Scrogie, Senior Vice President THE CARLTON GROUP
Michael Lesser, Managing Director EASTDIL SECURED
David Tobin, Principal MISSION CAPITAL
A representative from SEYFARTH & SHAW LLP
Salman A. Khan, Head of Middle Market Loan Purchases SILVER POINT CAPITAL, L.P.

4:20 - A - LOCAL FLORIDA MARKET PANEL DISCUSSION; BEYOND THE HEADLINES

• Has the Florida Market's Demise been as Bad as Advertised?
• Evaluating Local/Regional Markets
• Factoring in Employment Percentage & Growth Rate
• Rental Market Strength
• New Condo Delivery
• International & Out-Of-State Buyers
• Are Deals Getting Done? Where are the Bid/Ask Spreads?
• Inventory Overhang:How Large? Getting Larger? When will this Excess Inventory come on Line?
• How Much Leverage is on these Properties?

Session Chair:
Robert E. Given, Jr., Executive Vice President-Investment Properties CB RICHARD ELLIS, INC.

Panel Participants:
Jennifer Drake, Shareholder BECKER & POLIAKOFF, P.A.
Craig A. Werley, Senior Principal FOCUS REAL ESTATE ADVISORS, LLC
Stephen Braun, Senior Vice President J.I. KISLAK, INC.
Russ Flicker, President of Development LXR LUXURY RESORTS
Jay Massirman, President & CEO MASSIRMAN GROUP
Gil Dezer, President TRUMP GRANDE OCEAN RESORT & RESIDENCES

4:20 - B - LENDER/BORROWER DISCUSSION: FINANCING TURBULENT ASSETS AND MARKETS

• Availability of Debt & Equity
• What Kind of Special Situation Opportunities are you Currently Financing? What Terms? Geographies?
• Acquisition Due Diligence
• Loan Terms on Distressed Properties
• Recapitalization of Distressed Projects
• Origination vs. Loan Acquisition: Which do you Prefer?
• Construction Lending

Panel Participants:
Carson Leonard, Partner ALSTON & BIRD LLP
Jeff Gould, President BRT REALTY TRUST
A representative of CAPITAL SOURCE
Charles J. Foschini, Vice Chairman CBRE MELODY
Brett D. Forman, President FORMAN CAPITAL, LLC
Sarah Suther, Director HUDSON REALTY CAPITAL LLC
Matthew I. Kramer, Partner BILZIN SUMBERG BAENA PRICE & AXELROD LLP
Michael Szwajkowski, President, Structured Finance Business CAPITAL SOURCE
A representative of SEYFARTH & SHAW LLP

5:20 - A - PURCHASING DISTRESSED CONDOS: BUSINESS, OPERATIONAL AND LEGAL STRATEGIES TO TRANSFORM THEM INTO HIGH PERFORMING INVESTMENTS

• Management Issues
• Liability & Legal Considerations
• Tax & Control Issues Associated with HOAs
• Considering Current Local Market Conditions
• Local Legal Considerations
• When Should a Developer Accept the Legal Risk Imposed by the Condominium Documents?

Session Chair:
Michael E. Lyon, Partner PROCOPIO, CORY, HARGREAVES & SAVITCH LLP

Panel Participants:
Grace Mann, Shareholder BECKER & POLIAKOFF, P.A.
James L. Berger, Co-Chief Executive Officer BERGER SINGERMAN
Michael Richter, President COMMUNITY PLANNING ASSOCIATES, INC.
Doug Edgelow, President EQUUS DEVELOPMENT CORP.
Arthur Nevid, Managing Director MOUNTAIN FUNDING
Lorne Polger, Managing Director PATHFINDER PARTNERS, LLC

5:20 - B - WORKOUT, FORECLOSURE & BANKRUPTCY PROCESSES: A PRACTICAL, LEGAL ROADMAP

• Comparing Judicial vs. Non-Judicial States
• Political Issues that May Arise
• Lenders as Buyers
• Minimum Bid Requirements
• Joint Venture Workouts
• Public vs. Private Company Considerations
• Project vs. Entity-Level Issues
• Role of the Bank vs. Interests of the Debtor
• Deal Structuring to Prevent Bankruptcy Problems Later
• How Long does the Process Take?
• Role of Special Servicer

Panel Participants:
Fred L. Pillon, Partner GIBSON, DUNN & CRUTCHER
Kimberly Ashby, Shareholder AKERMAN SENTERFITT
David Barksdale, Partner BALLARD SPAHR ANDREWS & INGERSOLL, LLP
Prassana Mahadeva, Counsel CROWELL & MORING LLP
A Representative from KLUGER PERETZ KAPLAN & BERLIN
Lewis Freeman, Principal LEWIS B. FREEMAN & PARTNERS, INC., SOLVENTC, LLC
Lee Mackson, Partner SHUTTS & BOWEN LLP

6:20 Networking Cocktail Reception Courtesy Of: 

7:20 Day One Concludes

Wednesday, March 19, 2008

8:00 Continental Breakfast Courtesy of: 

8:25 - A - DISTRESSED CONDO HOTELS

• Converting Back into a Hotel: A Realistic Possibility?
• Evaluating Fractionals, Branded Residences & Other Such Options
• Why is the Product Underperforming?
• Anatomy of a Cancellation
• Rescissions: What to do When a Buyer Walks
• Pulling Out of a Project: The Legalities and Ramifications
• What Kind of Lawsuits are Coming out of these Cases?
• Examples of Business Plans that Failed and Why
• Enforceability of Contracts
• If the Bubble has Burst in your Market, What's Next?
• How Easy is it to Unwind a Condo Hotel or Mixed-Residence Structure?

Session Chair:
Tom Hayes, CEO HAYES REID DEVELOPMENT GROUP, INC.

Panel Participants:
David Schwartz, Managing Principal THE MANAGEMENT CONSORTIUM
Carola Lueder, President PROPERTIES USA, INC.
Mark Keiser, Vice President-Development ST. REGIS & THE LUXURY COLLECTION
Rich Silverstein, Vice President-Hospitality Acquisitions WATERTON COMMERCIAL

8:25 - B - INVESTING IN HOME BUILDERS

• Liquidity Concerns
• What will the Home Building Industry Look Like in 3 Years? Who will be the Players?
• Acquisition Possibilities
• Comparing Strong vs. Weak Players
• Accounting & Tax Issues for Public Companies and Distressed Properties
• Public vs. Private Markets
• Evaluating Land Exposure
• Are the Write Offs Over? Expense Cutting?
• Buying Bankrupt Homebuilders
• Are Credit Lines Still Available?
• What are the Investment Red Flags?
• Liquidation vs. Book Value

Session Chair:
Scott Farb, Managing Principal REZNICK GROUP

Panel Participants:
Jordi Guso, Shareholder BERGER SINGERMAN
Omar Brownson, Vice President of Acquisitions and Development CITYVIEW
D. Dean Macfarlan, Managing Partner MACFARLAN CAPITAL PARTNERS
Keith Rosenthal, President PHOENIX REALTY GROUP
Jeremy K. Teicher, Executive Vice President THE TEICHER ORGANIZATION
Ricardo Koenigsberger, Managing Director XE CAPITAL

9:25 - A - ACQUISITION OF A SUBSTANTIAL AMOUNT OF UNSOLD CONDOMINIUM UNITS: MAKING THE NUMBERS WORK; MAKING THE PROBLEMS GO AWAY

• What is the Minimum/Maximum Number of Sold/Unsold Units you Would Buy as a Percentage?
• Buying Back Conveyed Units: When is it Practical?
• Impact of the Local Regulatory Climate
• Is it Practical to Sell Units in this Market?
• Rent Until you can Re-Market: Determining how Long it will take to Rent Available Units and how Much you can get for them
• What Kind of Returns can you Expect While Holding onto Units as Rentals?
• Evaluating Local Market Conditions and Analysis to Rent up the Vacant Unsold Units
• Evaluating Risk/Reward of Strategy
• Leverage, Financing & Lender Considerations
• What is the Value of the Property as a Fee Simple Apartment? How does the Proposed Acquisition Compare to that Value?
• The Pitfalls of Paper vs. Units
• Impact of Amount of Construction Still Needed
• Determining a Price
• What IRR will you be Looking for?

Session Chair:
Robert Sheridan, President ROBERT SHERIDAN & PARTNERS

Panel Participants:
Michael Greene, Shareholder BERGER SINGERMAN
Peter J. Weiss, CIO CAPITAL PROPERTIES
Jack McCabe, CEO MCCABE RESEARCH & CONSULTING
Chris Rosenstock, Managing Director PACIFICA EQUITY PARTNERS
Geoffrey Disston, Partner PROSPECT CAPITAL GROUP
Norman Radow, President THE RADCO COMPANIES,ATLANTA

9:25 - B - VALUING DISTRESSED: A ROADMAP TO SUCCESS

• How Accurate are Current Appraisals? Evaluating Historic Appraisals
• Valuing Market Strength
• Due Diligence & Acquisitions
• Pricing Non-Performing Loans
• Impact on Rental Pricing

Session Chair:
Paul Safran, Shareholder BECKER & POLIAKOFF

Panel Participants:
Thomas McCarthy, Managing Director THE CARLTON GROUP
Richie Butler, Senior Vice President CITYVIEW
Matt Gillio, CEO and President GILLIO DEVELOPMENT INC.
Jay Rollins, President JCR CAPITAL
David Tobin, Principal MISSION CAPITAL
Robert Dorfman, Senior Vice President RELATED GROUP

10:25 - A - WORKOUTS: THE DEALMAKERS' PANEL

• What Kind of Players do you Need on your Workout Team?
• What are your Options if there is Still Value Left in the Loan?
• Why did you Choose to Work out this Deal? What was the End Result?

Session Chair:
Jeffrey Pitcher, Partner BALLARD SPAHR ANDREWS & INGERSOLL, LLP

Panel Participants:
Marvin Schnee, President MARKAI PROPERTIES
Peter Fioretti, Chief Executive Officer MOUNTAIN FUNDING
Billy Procida, CEO & Principal PALISADES FINANCIAL
Brian Pittard, Senior Vice President TRIMONT REAL ESTATE ADVISORS

10:25 - B - DISTRESSED PLANNED RESIDENTIAL DEVELOPMENTS: UNIQUE ISSUES AND EXIT STRATEGIES.

With their variety of use plans and burdensome regulatory constraints large-scale planned residential subdivisions confront a host of complex issues in a distressed real estate environment. This panel will discuss the evaluation and stabilization of such communities, effective exit strategies as well as:

• Key Legal & Regulatory Issues
• Investment/Lending in Today's Market
• Asset Stabilization & Management
• Marketing/Sales and Disposition Strategies

Session Chair:
Frank J. Carmel, Managing Shareholder CARMEL & CARMEL P.C.

Panel Participants:
Robert Shiels, Principal LIFESTYLE PROPERTY SOLUTIONS
Jim McGowan, Principal MCGOWAN LAND COMPANY

11:10 Refreshments Courtesy Of:

11:30 - A - BULK BUYER/UNIT BUYER OPTIONS: FOR SALE, SINGLE-FAMILY HOUSING & CONDO PURCHASES

This session will detail the strategies institutional buyers are employing on a unit level when they purchase a single family house, condo or other residential property.

• Identifying the Methodology to Successfully Scale Up Single Family Purchases
• Should you Invest in Existing vs. New Developments?
• Single Family Rental Market
• Portfolio Purchases
• How Much Value does an Empty House Lose?
• Development-Level Acquisitions

Session Chair:
David A. Kessler, Principal REZNICK GROUP

Panel Participants:
Gerald Guterman, Managing Director GUTERMAN PARTNERS, LLC
Chev. Isos Y. Stamelos-Monroe, President and Principal Broker THE AGENCY SALES, Inc.
Jeffrey Greco, Vice President-Finance NEWCONDOSONLINE.COM
Jon Thielen Managing Director NCO CAPITAL
Evan Gladstone, Executive Managing Director NRC REALTY ADVISORS, LLC
Jonas Lee, Managing Partner REDBRICK PARTNERS, LP

11:30 - B - WHAT ARE LENDERS DOING WITH THEIR UNDERPERFORMING PROPERTIES PRE-FORECLOSURE?

• What does it Take for Lenders to Walk Away from Loans? Then What?
• Mezz/Senior Lenders as Equity Owners
• REO Issues
• Discount, Extend or Bankruptcy: What goes into your Decision?
• What are you doing if a Large, Important Client is Facing Default? When would you "Carry" him? For how Long?
• When do you Look to Bring in New Equity?
• Legal Considerations
• Have you Started to Unload Product or are you Keeping it On-Balance Sheet?
• When Should a Developer Approach you when there is a Problem?
• Treating Covenant Violations
• Revolving Loan Maturation

Session Chair:
Michael Lesser, Managing Director EASTDIL SECURED

Panel Participants:
Ronald Kriss, Shareholder AKERMAN SENTERFITT
Douglas Wilson, Chairman and CEO DOUGLAS WILSON COMPANIES
Grant Puleo, Partner PROCOPIO, CORY, HARGREAVES & SAVITCH LLP
Paul L. Jones, President PYRAMID REALTY GROUP, INC.
Don Wasil, Partner SHUTTS & BOWEN LLP
Thomas B. Deane, Director-Head of Structured Transactions & Special Assets, Real Estate Asset Management WACHOVIA SECURITIES

12:30 - A - LOCAL MARKET ROUNDTABLES

These informal, interactive discussions will detail local market conditions such as buyers, sellers, supply/demand dynamics, local economic strength, units coming on line and other key factors.

CALIFORNIA
Clay Gantz, Partner MANATT, PHELPS & PHILLIPS

CENTRAL & WESTERN FLORIDA
Gary V. Chensoff, Principal INDIAN HILL PARTNERS, INC.

LAS VEGAS, DENVER & ARIZONA
Robert Sheridan, President ROBERT SHERIDAN & PARTNERS

MIDWEST
Brian Newman, Managing Director MADISON DEARBORN PARTNERS, LLC

NORTHEAST
Jack M. Rosenfield, Director Asset Management THE ATHENA GROUP

SOUTHEAST (ATLANTA, CHARLOTTE & DC)
Norman Radow, President THE RADCO COMPANIES

SOUTHERN FLORIDA
A representative from AKERMAN SENTERFITT

CENTRAL & WESTERN FLORIDA
Gary V. Chensoff, Principal INDIAN HILL PARTNERS, INC.

12:30 - B - SELLER STRATEGIES

• Selling the Units Over Time and Taking Balance Sheet Loss
• Going into Bankruptcy
• Selling Part of your Project to an Equity Investor: Is there New Equity Available?
• Comparing Project Sale Methodologies
• Re-Apartment your Condo Holding

Session Chair:
Michael Greene, Shareholder BERGER SINGERMAN

Panel Participants:
John Bielefeldt, Principal CROWN REALTY ADVISORS
Al DiNicola, Principal PELICAN DEVELOPMENT
Mark Partin, Principal TRAILRIDGE CAPITAL
Gerard Yetming, First Vice President-Capital Markets CB RICHARD ELLIS
Tim Moriarty, National Sales Director, WILLIAMS & WILLIAMS

1:15 Luncheon Courtesy Of: 

CONCLUDING GENERAL SESSIONS

2:15 JOINT VENTURE & EQUITY SOLUTIONS

• When would you Provide Equity for a Distressed Property Owner?
• Comparing Distressed Joint Ventures vs. Non-Distressed
• Local/Money Player Structures
• Comparing Raw Land vs. Developed Site Structures
• Ownership Interest vs. Voting Rights
• Typical Management Fees
• Distributions & Fee Income
• Working Out Exiting Joint Ventures: What are your Options?

Session Chair:
Frank Marro, Managing Director-Leveraged Equity Program GE REAL ESTATE

Panel Participants:
Benjamin Friedman, President ABACUS CAPITAL GROUP LLC
Anthony Casareale, Shareholder AKERMAN SENTERFITT
Marcus Buerosse, Chief Operations Officer HEARTHSTONE
Timi Hallem, Partner MANATT, PHELPS & PHILLIPS
Xavier Gutierrez, Senior Vice President-Capital Markets PHOENIX REALTY GROUP
Jeff Monge, Senior Vice President–Principal URBANAMERICA LP

REFRESHMENTS WILL BE AVAILABLE THROUGHOUT THE AFTERNOON COURTESY OF:

3:15 ASSESSING THE STRENGTHS AND WEAKNESSES OF YOUR LOCAL MARKET: IDENTIFYING THE KEYS TO RECOGNIZING THE MARKET TURNING POINT

• Would you Buy Where the Market is Failing?
• Assessing Local Economic Factors: Which Ones are the Most Effective?
• How Long will it Take for the Market to Come Back?
• How Much Product is Coming on Line?
• Evaluating Multi-Family Market Strength
• Metro Areas with Highest Foreclosure Ratings: What are the Macroeconomic Similarities? Differences?
• Considering Population Growth

Panel Participants:
Gashar Dixon, Chief Acquisition Officer ANGLESTONE
Sean Burton, Managing Director & COO CITYVIEW
Anthony Botte, Senior Vice President-Western Region HEARTHSTONE ADVISORS
Howard Shapiro, President HOWARD SHAPIRO & CO.
Bryce Bowman, Director of Development RANDOLPH EQUITIES, LLC
Richard Benson, President SPECIALTY FINANCE GROUP, LLC
Chris Kelly, Managing Director CAPITAL SOURCE

4:00 HEDGE FUNDS AS DISTRESSED PROPERTY INVESTORS

• Launching a Commercial Real Estate Platform Targeting Distressed Investments
• Investing in Debt vs. Equity or Both?
• Hedge Funds as Capital Providers
• Successfully Using Loan Origination as a Distressed Real Estate Strategy
• Hedge Funds as LPs

Session Chair:
Timothy Kemper, Managing Principal REZNICK GROUP

Panel Participants:
Milton Vescovacci, Shareholder AKERMAN SENTERFITT
Stephen Rosato, Managing Director THE CARLTON GROUP
Gil Tenzer, Director of Real Estate CONTRARIAN CAPITAL MANAGEMENT, LLC
Kyle Ransford, Managing Principal HALCYON ASSET MANAGEMENT LLC
Robert Stern, Managing Partner PERRY REAL ESTATE PARTNERS

5:00 IMN's Distressed Real Estate Symposium Concludes

The next Forum on Distressed Residential Real Estate takes place June 26-27, 2008 in Las Vegas at the Bellagio Hotel.  For details and a discount registration form, contact Susan Greene at Susan@CondoHotelCenter.com, 407-578-5528.