Institute for International Research

December 4th, 2006

Pre-conference Workshops Sponsored by:   

8:00 Registration for Workshop One

9:00 Opening Remarks

John Karesh, Shareholder, VEDDER PRICE

Securitizing Aircraft Portfolios; Develop the Skills to Successfully Invest in the Aircraft Market

market today, it has become increasingly important for carriers, lessors, investors and other industry players to understand how aircraft portfolios are structured and new trends in securitization. Fully explore what goes into securitizing an aircraft portfolio to better increase your returns and your understanding of the market. With the leading practioners on board to instruct, you will come away with a complete knowledge of:

• The overall landscape in securitization today
• Learn who is buying and who is selling and how it will build up business
• Who are the new investors in the aircraft market today?
• Longevity of investor interest
• Determine the effect of new aircraft on the market
• Hear how carriers are maintaining liquidity through securitization
• New issuance and trends in securitization
• Repackaging of deals
• EETCs
• Importance of freighter conversion
• The lessors use of securitization
• Parts securitization; who is doing it and why?
• Emerging market structures
• Securitization following bankruptcies

Mike Vernier, STANDARD AND POOR'S

Zarra Sehgal, Partner, CLIFFORD CHANCE

Alison Mason, UBS

Ronald Scheinberg, VEDDER PRICE

12:00 Workshop One Concludes

Lunch for Workshop Attendees and Speakers

Registration for Workshop Two

1:00 Fixing the ETC and EETC: Lessons Learned in Recent Airline Bankruptcies

As the aircraft industry continues to deal with bankruptcies, it is essential to understand how to protect your investment. Industry expert Vedder Price has spearheaded this timely and comprehensive workshop to address the challenges investors face within the aircraft market. Gain the in-depth knowledge you need to successfully navigate this market while protecting your portfolio. The thought leaders at Vedder Price will take you step by step through the inherent risks and challenges, including:

Structural Problems
• Mortgages don't have return condition clauses
• Mortgages vs. leases
• Restrictions on leasing, pooling and modifications
• Restrictions on removal or exchange of parts

Administrative Problems
• Trustee staffing and turnaround issues
• Remitting funds received from the debtor
• Remitting share certificates distributed in lieu of payment on account of claims
• Trustee obligation to invest funds received pending distribution?
• Full spectrum of common law fiduciary duties owed?
• Duty to indemnify trustee?
• Need for lessees to include relevant information in remittance advice

Claims Trading
• Unprecedented amount of claims being trade
• What are you really buying?
• Understanding the transaction documents
• Need for experienced counsel
• Protecting the buyer in case a claim is objected to
• Protecting the seller in case a claim is objected to
• Financing the acquisition
• Managing the assets

Asset Trading
• Sale by lender after foreclosure of the equity
• Sale by lender after debt restructuring
• Who has the right to restructure—debt or equity?
• What is the right standard for warranty of title?

Preserving the Equity
• Purchase of the debt by the equity
• Repayment of the debt by the equity
• Prepayment of the debt by the equity
SLV and the Equity's Tax Indemnity Claim

Jon Bogaard, Vice President, VEDDER PRICE

Bo Strauss, TROUTMAN SANDERS

James Palen, CREDIT-SUISSE

Andy La Stella, AIRCAPITAL AVIATION SERVICES LLC

Mark Lessard, PILLSBURY WINTHROP SHAW PITMAN LLP

4:00 Workshop Two Concludes