Financial Services Update______June 7, 2010
Volume 5, No. 22



IN THIS ISSUE

Insights from Winston & Strawn

In the News

Regulatory Reform

Banking Agency Developments

Treasury Department Developments

Commodity Futures Trading Commission

Securities and Exchange Commission

Exchanges and Self-Regulatory Organizations

Judicial Opinions

Winston & Strawn Speaking Engagements and Publications


Insights from Winston & Strawn [Top]

With Congress on Memorial Day recess and the rising summer temperatures, Washington, DC was relatively quiet last week. However, the Senate and the House are set to return this week from Memorial Day recess and action is expected on financial regulatory reform (the Restoring American Financial Stability Act of 2010 - "RAFSA") as early as tomorrow, June 8. The Senate announced conferees before adjourning at the end of May and Chairman Frank sent a memo to Speaker Pelosi recommending conferees soon thereafter. Both chambers have expressed a strong commitment to finishing and delivering a final bill to the president by the Fourth of July. Most in Washington agree that this is likely to happen, as the majority of the House and Senate bills are in alignment, leaving only a few major (although not "derailing") issues to be worked out in conference before RAFSA likely becomes law in July 2010.
The Senate conferees include: Chairman of the Banking Committee Dodd (D-CT), Senator Johnson (D-SD), Senator Reed (D-RI), Senator Schumer (D-NY), Banking Committee Ranking Republican Shelby (R-AL), Senator Corker (R-TN), Senator Crapo (R-ID), Senator Gregg (R-NH), Senator Lincoln (D-AR), Senator Leahy (D-VT), Senator Harkin (D-IA), and Senator Chambliss (R-GA).
The tentative House conferees (TBA by Speaker Pelosi this week) include: Chairman Frank (D-MA), Joint Economic Committee Chairwoman Carolyn Maloney (D-NY), Subcommittee Chairman on Capital Markets, Insurance, and Government Sponsored Enterprises Rep. Paul E. Kanjorski (D- PA), Subcommittee Chairman on Financial Institutions and Consumer Credit Rep. Luis V. Gutierrez (D-IL), Subcommittee Chairman on Housing and Community Opportunity Rep. Maxine Waters (D-CA), Subcommittee Chairman on Domestic Monetary Policy and Technology Rep. Melvin L. Watt (D-NC), Subcommittee Chairman on International Monetary Policy and Trade Rep. Gregory W. Meeks (D-NY), and Subcommittee Chairman on Oversight and Investigations Rep. Dennis Moore (D-KS).
A tentative June schedule is as follows:
Tuesday, June 8th- Conferees officially appointed;
Wednesday, June 9th- Opening statements on RAFSA;
Tuesday, June 15th through Wednesday, June 23rd - Conference meetings on the issues;
Thursday, June 24th - Conclusion with formal signing ceremony and filing of conference report soon after;
Monday, June 28th- House Rules Committee meets to grant rule and send report to the floor; and
Tuesday, June 29th- House passes conference report; giving the Senate three days to consider and vote before the Fourth of July recess.
Although the RAFSA has not become law yet, both the CFTC and the SEC are actively staffing up their general counsel's offices to make sure that they will be able to comply with the statutory requirement to propose and implement agency rules within 180 days of the enactment of the RAFSA. It is expected that the CFTC will implement close to 70 rules and the SEC will implement close to 60 rules on Title VII alone - the Wall Street Transparency and Accountability Act of 2010 that deals with commodity and security derivatives. Given this very tight schedule, the agencies will be extraordinarily busy and they both encourage industry comments and participation.
In the News [Top]
  • Federal Reserve Board Governor Profiled.
On June 3rd, the New York Times profiled Federal Reserve Board Governor Daniel K. Tarullo, who supervised the banking stress tests, oversees the banking industry's compensation practices, and is implementing regulatory approaches that examine industry-wide risk-practices and include quantitative surveillance. Profile.
  • Banks Critical of FASB's Proposed Rules.
On June 2nd, CFO.com reported that the banking industry is highly critical of recently proposed accounting rules which would require the application of fair value accounting to almost all financial instruments. Criticism. See also FASB Press Release (announcing the proposed rules).
  • ClearOne's CEO Sentenced to Four Years.
On June 2nd, the New York Times reported that Frances Flood, the former CEO of ClearOne Communications, has been sentenced to four years in prison for falsifying the company's revenue. In an unexpected development, the U.S. Attorney told the court that ClearOne was not entitled to restitution because the company's board had approved all of the decisions. Sentencing.
  • Mortgage Lenders Seek Relief from Repurchase Requirement.
On May 27th, Bloomberg reported that the Mortgage Bankers Association is asking Fannie Mae and Freddie Mac to ease members' obligation to repurchase defaulted loans that had been improperly granted. Repurchasing Relief.

Regulatory Reform [Top]
  • Interchange Fees.
On June 4th, Bloomberg reported on a provision in the Senate regulatory reform bill that would allow the Federal Reserve Board to regulate debit card fees. Interchange Fees.
  • House-Senate Negotiations to be Public.
On June 4th, Reuters reported that House Financial Services Committee Chairman Barney Frank has promised transparent negotiations between House and Senate committee members to reconcile the two regulatory reform bills. Transparency.
  • G-20 Ministers Discuss Capital Requirements.
On June 4th, Bloomberg reported that finance ministers meeting in Korea agreed that bank capital requirements must be raised, but disagreed on the scale and implementation of the increase. Capital Requirements. See also Reuters.
  • Bills' Significant Differences.
On May 28th, Reuters reported on the major differences between the House and Senate regulatory reform bills. Differences.
  • Measure Would Ban Bankers from Regional Federal Reserve Boards.
On May 28th, Reuters reported that a provision in the Senate regulatory reform bill would prohibit bankers from serving on regional Federal Reserve Bank boards. The amendment was introduced in response to a perceived conflicts of interest at the Federal Reserve Bank of New York in 2008. Federal Reserve System.

Banking Agency Developments [Top]
  • Federal Reserve Board's Consumer Advisory Council to Meet.
On June 3rd, the Federal Reserve Board announced that the Consumer Advisory Council will hold its next meeting on June 17, 2010. Federal Reserve Board Press Release.
  • Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies.
On June 1st, the federal bank and thrift regulatory agencies announced the availability of the 2010 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development." Federal Reserve Board Press Release. See also OCC Bulletin.
  • Federal Reserve Board Clarifies Rules Concerning Overdraft Services.
On May 28th, the Federal Reserve Board announced final clarifications to aspects of its November 2009 final rule under Regulation E (Electronic Fund Transfers) and its December 2008 final rule under Regulation DD (Truth in Savings) pertaining to overdraft services. Federal Reserve Board Press Release. See also 75 FR 31665 (Regulation E Guidance); 75 FR 31673 (Regulation DD Guidance).
  • Federal Reserve Board Announces Term Deposit Facility Auctions.
On May 28th, the Federal Reserve Board scheduled three small-value auctions of term deposits through its Term Deposit Facility over the next two months. All term deposit auctions will use a single-price format in which all winning bids will be awarded at the highest rate accepted at the auction. The first auction will offer $1 billion of 14-day term deposits; the auction will be conducted on June 14 with settlement on June 17, and the deposits offered will mature on July 1. Federal Reserve Board Press Release.
  • U.S. and China Announce Enhanced Cooperation Agreement.
On May 26th, the FDIC and the China Banking Regulatory Commission announced their agreement to enhance cooperation and coordination on cross border resolutions. FDIC Press Release. See also Appendix to Memorandum of Understanding.
  • Federal Reserve Board Makes Credit Card Agreements Available Online.
On May 24th, the Federal Reserve Board announced that consumer credit card agreements from more than 300 credit card issuers are online in a searchable database. The agreements contain general credit terms and conditions along with pricing and fee information. The database, www.federalreserve.gov/creditcardagreements, will be updated quarterly; the next submission deadline is August 2, 2010. Federal Reserve Board Press Release.
  • FDIC Closes on Sale of $233 Million in Notes.
On May 18th, the FDIC closed a sale of notes backed by commercial real estate loans from twenty-two financial institutions, for which the FDIC was appointed receiver. The sale was conducted through a private offering to qualified purchasers. The $233 million of notes are backed by performing and non-performing commercial real estate loans with a related aggregate unpaid balance of approximately $1.0 billion. The notes were originally issued in January 2010 to the FDIC as receiver for the twenty-two financial institutions in connection with the creation of an LLC to hold the aforementioned assets, and are guaranteed by the FDIC in its corporate capacity. The FDIC still retains its 60% equity interest issued by the LLC, and ColFin DB Funding, formed by entities affiliated with Colony Capital, still owns the 40% equity interest sold to it by the FDIC in January 2010. FDIC Press Release.
Treasury Department Developments [Top]
  • Treasury Department Releases Build America Bond Data.
On June 3rd, the Treasury Department released its monthly comprehensive update on Build America Bonds issuances, including state-by-state data, showing $106 billion has been issued through May 31, 2010. Treasury Department Press Release.
  • Bank Fined $1 Million for BSA Violations.
On June 3rd, the Financial Crimes Enforcement Network announced the assessment of a $1 million civil money penalty against Pamrapo Savings Bank, S.L.A. for violating Bank Secrecy Act requirements. Pamrapo lacked internal controls, had unqualified BSA compliance personnel, relatively non-existent training, and deficient independent testing. As a result, it failed to file a substantial number of currency transaction and suspicious activity reports in an accurate and timely manner. Pamrapo, without admitting or denying the allegations, consented to payment of the civil money penalty. FinCEN Press Release.
  • FinCEN Issues Mass-Marketing Threat Assessment.
On June 1st, the Financial Crimes Enforcement Network announced that the International Mass-Marketing Fraud Working Group has released a threat assessment on international mass marketing fraud. FinCEN Notice.
  • Treasury Designates Three Businesses Tied to Mozambican Drug Kingpin.
On June 1st, the Treasury Department announced that as a result of President Obama's identification of Mozambican drug kingpin Mohamed Bachir Suleman pursuant to the Foreign Narcotics Kingpin Designation Act, the Treasury Department designated three businesses in his narcotic trafficking network. The action freezes any assets the three entities may have under U.S. jurisdiction and prohibits U.S. persons from conducting financial or commercial transactions with them. Treasury Department Press Release.
Commodity Futures Trading Commission [Top]
  • CFTC Considers New Trading Restrictions and Reporting Requirements.
On June 3rd, Reuters reported that the CFTC will consider whether to impose limits upon high-frequency and algorithmic trading. The CFTC will also be proposing a rule on account ownership and control reporting. Proposals.
  • CFTC and SEC Held First Meeting of Joint Advisory Committee.
On May 24th, the CFTC and the SEC held the first meeting of the newly formed joint advisory committee on emerging regulatory issues. Both agencies recognize that potential problems highlighted by the "flash crash" of U.S. equities markets on May 6th would become exacerbated with the even larger volume of OTC derivatives that will need to be cleared and traded on trading facilities after the enactment of the proposed derivatives legislation. The CFTC has also recently formed the technology advisory committee even further focusing on these emerging issues.

Securities and Exchange Commission [Top]
New Final Rules
  • SEC Approves Changes to Municipal Securities Disclosures.
On May 27th, the SEC published new rule changes aimed at improving the quality and timeliness of municipal securities disclosure. Among other things, the amendments require that new issuances of variable rate demand obligations comply with Rule 15c2-12; require disclosure of events that may adversely affect a bond's tax exemption, including issuance by the IRS of proposed and final decisions about whether the bond can be taxed; and require the disclosure of certain events, such as unscheduled payments, rating changes, or a bankruptcy filing. The new rules are effective 60 days after publication in the Federal Register, which is expected during the week of June 7. Compliance is required on or before December 1, 2010. SEC Release No. 34-62184A; SEC Press Release. See also Schapiro Remarks; Aguilar Remarks; Paredes Remarks; Walter Remarks.
Proposed Rules
  • SEC Proposes Consolidated Audit Trail System.
On May 26th, the SEC proposed for comment a new rule requiring the securities self-regulatory organizations to jointly develop a national market system ("NMS") plan to develop, implement, and maintain a consolidated order tracking system, or consolidated audit trail, with respect to the trading of NMS securities. The system would enable regulators to track information related to trading orders received and executed across the securities markets. Comments should be submitted within 60 days after publication in the Federal Register which is expected during the week of June 7. SEC Release No. 34-62174; SEC Press Release. See also Schapiro Remarks; Aguilar Remarks; Paredes Remarks; Walter Remarks.
Other Developments
  • SEC Holds Market Structure Roundtable Discussion.
On June 2nd, the SEC held a roundtable discussion on market structure. See Schapiro Remarks (outlining discussion format). Commissioner Luis A. Aguilar expressed concern that the majority of participants were from the financial services industry and that, as a result, important issues may not be addressed. Aguilar Remarks. On June 3rd, the Los Angeles Times reported that panelists generally agreed that proposed circuit breakers will help prevent another sudden drop in stock index prices like the one which occurred on May 6, 2010; however, sharp disagreement was voiced on the effects of high-frequency trading.Roundtable. See also Reuters.
  • SEC Considers Industry Bar Against Former Obama Official.
On June 1st, the New York Times reported the SEC is seeking a three year industry bar against Steven Rattner, the former auto industry czar, for his alleged role in New York's "pay-to-play" pension probe. Industry Bar.
  • Division of Investment Management Staff Provide Guidance on the Money Market Fund Rule.
On May 25th, staff of the Division of Investment Management prepared responses to questions related to Rule 2a-7, the "money market fund rule," under the Investment Company Act of 1940, and other rules applicable to money market funds in light of recent amendments adopted by the Commission. Staff Responses.
Exchanges and Self-Regulatory Organizations [Top]
  • Best Bid and Offer Service Is Approved.
On May 26th, the SEC approved separate proposals by the New York Stock Exchange; NYSE Amex; and NYSE Arca to establish a best bid and offer service.
BATS Exchange
  • Minimum Participation Requirement Is Eliminated.
On May 26th, the SEC granted immediate effectiveness to BATS Exchange's proposal to eliminate the requirement that at least one Options Market Maker be registered for trading a particular series before it may be opened for trading on BATS Options. Comments should be submitted on or before June 24, 2010. SEC Release No. 34-62177.
Chicago Board Options Exchange
  • SEC Approves Expansion of Delta Hedge Exemption.
On May 27th, the SEC approved the Chicago Board Options Exchange's proposal to expand the delta hedging exemption available for equity options position limits; amending the reporting requirements applicable to members relying on the delta hedging exemption; and adopting a delta hedging exemption from certain index options position limits. SEC Release No. 34-62190.
  • Proposal to Open Short Term Options Series on Thursdays Is Immediately Effective.
On May 25th, the SEC granted immediate effectiveness to the Chicago Board Options Exchange's proposal to open Short Term Option Series on Thursdays (or Friday) that expire on the Friday of the following business week. Comments should be submitted on or before June 23, 2010. SEC Release No. 34-62170.
Financial Industry Regulatory Authority
  • FINRA Proposes Conflicts of Interest Rule in Consolidated Rulebook.
On June 1st, the SEC provided notice of the Financial Industry Regulatory Authority's proposal to adopt NASD Rule 2720 (Public Offerings of Securities With Conflicts of Interest), without material change, as FINRA Rule 5121 in the Consolidated FINRA Rulebook. Comments should be submitted on or before June 25, 2010. SEC Release No. 34-62199.
  • SEC Approves Amendments to Trade Reporting Requirements.
On May 28th, the Financial Industry Regulatory Authority announced that, effective June 14, 2010, firms must report transactions in restricted equity securities traded pursuant to SEC Rule 144A to the OTC Reporting Facility, no later than 8 p.m. Eastern Time. Additionally, FINRA is changing the definition of "OTC Equity Security," which will also be effective on June 14, 2010. The amendments align the term "OTC Equity Security" more closely with SEC rule terminology and improve consistency across the FINRA rulebook. The amendments also clarify the application of the OTC Reporting Facility reporting requirements to transactions reported on or through an exchange. FINRA Regulatory Notice 10-26.
  • FINRA Proposes Operations Professional Registration Category.
On May 26th, the Financial Industry Regulatory Authority published for comment a proposal establishing registration, qualification examination, and continuing education requirements for certain operations personnel. The proposal would expand FINRA's registration requirements to include as registered persons individuals who are engaged in, or who supervise, activities relating to sales and trading support and the handling of customer assets. Comments should be submitted on or before July 12, 2010. FINRA Regulatory Notice 10-25.
  • DTCC to Provide FINRA With Access to Participant Position Reports.
On May 26th, the Financial Industry Regulatory Authority announced that it is establishing with the Depository Trust & Clearing Corporation a program that will provide FINRA staff with routine and direct access to position reports and similar information that DTCC (and its subsidiaries and affiliates) provides to its participants. FINRA Information Notice.
Municipal Securities Rulemaking Board
  • SEC Approves Proposed Disclosure Requirements.
On May 26th, the SEC approved the Municipal Securities Rulemaking Board's proposal relating to Rule G-32, on Disclosures in Connection with Primary Offerings, Form G-32, and the Primary Market Disclosure and Primary Market Subscription Services of the MSRB's Electronic Municipal Market Access (EMMA) System. The proposal requires underwriters of primary offerings of municipal securities to submit to the EMMA system, as part of their primary offering submission obligation under Rule G-32(b), certain key items of information relating to continuing disclosure undertakings made by issuers and other obligated persons in connection with such primary offerings. SEC Release No. 34-62182.
  • Voluntary Submission to EMMA of Certain Documents Is Approved.
On May 26th, the SEC approved the Municipal Securities Rulemaking Board's proposed amendment of the EMMA primary market disclosure service to permit issuers and their designated agents to make voluntary submissions to the primary market disclosure service of official statements, preliminary official statements and related pre-sale documents, and advance refunding documents. SEC Release No. 34-62183.
  • MSRB Proposes to Post Credit Rating Information on EMMA's Public Web Site.
On May 26th, the SEC provided notice of the Municipal Securities Rulemaking Board's filing of a proposed rule change amending the continuing disclosure service of the MSRB's EMMA system to provide for the posting of credit rating information on the EMMA public Web site. Comments should be submitted on or before June 23, 2010. SEC Release No. 34-62175.
NASDAQ Stock Market
  • NASDAQ Announces Circuit Breaker.
On June 2nd, the NASDAQ Stock Market announced that it will implement a single stock circuit breaker, the NASDAQ Volatility Guard, which will pause trading based on predetermined thresholds across all NASDAQ-listed securities. The NASDAQ Volatility Guard will allow data to be universally available before, during and after the trading pause. Additionally, the reopening process will be available to all market participants. The NASDAQ Volatility Guard will go into effect in the third quarter of 2010. NASDAQ Press Release.
New York Stock Exchange
  • NYSE Issues Information Memo on Proposed Circuit Breakers.
On May 26th, NYSE Regulation issued an Information Memo to answer frequently-asked questions concerning proposals by the New York Stock Exchange and NYSE Amex to adopt, on a pilot basis, new rules imposing trading pauses in individual securities during periods of extraordinary market volatility. NYSE Information Memo 10-24.

Judicial Opinions [Top]
  • Forced Conversion of Shares is Not Equivalent to a Forced Sale.
On June 3rd, a federal district court dismissed a securities fraud lawsuit brought by minority shareholders of a limited liability corporation. Plaintiffs failed to plead with particularity material misstatements or omissions and failed to plead a strong inference of scienter. The alleged conversion of plaintiffs' shares from voting shares to economic interest shares did not constitute a forced sale and does not support standing under the Securities Exchange Act. Desserault v. Yakima Chief Property Holdings, LLC.
  • Innocent Relief Defendant Loses Home.
On June 3rd, the Fifth Circuit affirmed an order imposing an equitable lien against a condominium innocently purchased with the proceeds from a commodity Ponzi scheme. Under state law, an equitable lien can be imposed on a homestead where an innocent party used fraudulently obtained funds to invest in the homestead. Crawford v. Silette.
  • Class Action Securities Fraud Claims and Group Pleading Doctrine Survive Motions to Dismiss.
On June 2nd, a federal district court denied motions to dismiss class action securities fraud claims. The Court held that the plaintiffs allege facts supporting a strong inference of scienter. Some events are so integral to a company that knowledge cannot be denied by senior executives. This scienter inference was strengthened by the existence of an SEC investigation and executive stock sales. The Court also applied the group pleading doctrine to find that a claim for primary liability had been stated against an individual executive who remained silent when alleged misstatements were made. Corporate officers may not stand idly by as investors and analysts are misled. Plumbers Union Local No. 12 Pension Fund v. Ambassador's Group.
  • Securitization Note Holders Prevail in Interpleader Action.
On June 1st, the Second Circuit discussed the respective rights of the note holders in a failed credit card securitization, and the FDIC as receiver of the failed issuing bank. Affirming the entry of summary judgment in the note holders' favor, the Court held that the terms of the notes provided for the full repayment of the entire unpaid principal amount at the notes' maturity. Orders entered in an earlier case issued by the D.C. district court did not preclude the orders at issue here. The D.C. action was filed before the notes matured. The Bank of New York v. First Millennium, Inc.
  • Credit Raters Are Not Underwriters for Purposes of the Securities Act.
On June 1st, a federal district court dismissed Securities Act claims asserted against credit rating agencies who rated mortgage pass-through securities. Credit raters are not underwriters for purposes of the 1933 Act. As the SEC has stated, the rule was intended to "exclude any nationally recognized statistical rating organization whose security rating is disclosed in a registration statement from civil liability under Section 11." SEC Release No. 33-6336. Similar reasoning precludes Section 11 liability with respect to the sponsors of the offerings. SEC Release No. 33-6513; SEC Release No. 34-50905. Public Employees' Retirement System of Mississippi v. Merrill Lynch & Co.
  • New York State Law Does Not Recognize "Holder" Claims.
On May 27th, a New York Appellate Court considered whether New York state law recognizes a claim for fraudulent inducement to hold, rather than sell, stock. Plaintiff claimed it was induced to hold AIG stock by AIG's misrepresentations concerning the value of its CDS portfolio. Affirming dismissal, the Court held the claim violates the "out-of-pocket" rule governing damages recoverable for fraud. The measure for fraud damages is what was lost because of the fraud, not compensation for what might have been gained. The Starr Foundation v. American International Group.
Winston & Strawn Speaking Engagements and Publications [Top]
  • First Meeting Held of Washington DC Bar Sub-Committee on Futures and Derivatives Instruments.
On June 3rd, Washington DC Bar Sub-Committee on Futures and Derivatives Instruments held its first meeting to commence industry and government agencies' dialogue regarding future rulemakings to implement the provisions of the proposed derivatives legislation. Representatives from the SEC and the CFTC made presentations on their interpretation of the proposed legislation and outlined how the agencies' rules will be implemented. Winston attorney Peter Y. Malyshev made a presentation at the meeting highlighting the main issues with the derivatives legislation that will need to be addressed by the agencies. Derivatives Regulatory Overhaul.
  • FINRA Proposes Registration of Operations Professionals.
On May 26th, the Financial Industry Regulatory Authority published Regulatory Notice 10-25, requesting comment on a proposal to establish registration requirements for broker-dealer operations personnel. Briefing.
  • "Durbin Amendment" May Benefit Merchants—Harm Card Issuers, Networks, Processors, and Consumers.
On May 13, 2010, the U. S. Senate approved the so-called "Durbin Amendment" to the financial regulatory reform bill, S. 3217, the Restoring American Financial Stability Act, then pending in the Senate. Briefing.
  • Winston Sponsors MFA Forum 2010.
Winston & Strawn will sponsor the Managed Funds Association Forum 2010 to be held June 8-9 in Chicago. This conference and exposition features managed futures and global macro-investment strategies for professionals in managed futures, hedge funds, funds of funds and their service providers and investors. Event.
  • Moetell to Speak at Seminar on U.S. Taxation of International Banks.
Winston & Strawn tax partner Mitch Moetell will speak at the upcoming Institute of International Bankers Seminar on U.S. Taxation of International Banks on June 21, 2010 in New York City. This program is designed to bring together government officials and private-sector experts who will provide a detailed and authoritative review of the key developments affecting internationally headquartered banking and financial institutions operating in the United States. Event.
  • Winston Speakers to Participate in Webcast on FINRA Guidance on Social Networking.
Robert Boresta and Brian Heidelberger of Winston & Strawn are speaking on a webcast sponsored by the Knowledge Congress on June 22 on "FINRA Guidance on Social Networking Blurs the Line Between Personal and Business Related Activity." Event.
  • Winston & Strawn Sponsors TMA's Annual Convention.
Winston & Strawn is proud to sponsor the TMA Annual Convention to be held October 6-8, 2010, at the JW Marriott in Orlando, Florida. TMA is a premier professional organization dedicated to corporate renewal and turnaround management. This convention is for professionals who share a common interest in strengthening the economy through the restoration of corporate value, including turnaround practitioners, appraisers, attorneys, investment bankers, equity investors, liquidators, venture capitalists, as well as, workout specialists and outsourcing professionals. Event.

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