Uncertainty and Opportunity in Distressed & Restructuring

In recent years, the impact of the global recession has seriously affected businesses across all sectors. Distressed investors will discuss how they are able to create value from businesses that face economic headwinds. Restructuring professionals will discuss specific transactions which have led to successful results.

Moderator

Michael Genereux '95

Senior Managing Director, Restructuring & Reorganization Group, Blackstone

Since joining Blackstone in 2003, Mr. Genereux has worked on restructuring assignments involving a broad range of companies, including A123 Systems, Bally Total Fitness, Bear Stearns Asset Management, Calpine, Conexant, Delta Air Lines, Dynegy, Eastman Kodak, Edison Mission Energy, Fleming Companies, Foxwoods Resort Casino, Harry & David, Hawker Beechcraft, Hawkeye Renewables, Hostess, MoneyGram International, M Resort, R.H. Donnelley, Smurfit-Stone, Spansion, Station Casinos, TOUSA, Inc., and Vitro, S.A.B. de C.V. Mr. Genereux has provided witness testimony in bankruptcy cases on valuation, capital structure and other financial matters.

Before joining Blackstone, Mr. Genereux was a Director at Credit Suisse First Boston in the media and telecom group and previously was a Vice President in the investment banking division at Merrill Lynch & Co. Prior to these, he worked for Barclays, PepsiCo and Price Waterhouse.
 
Mr. Genereux received a B.S. from the School of Business and Accountancy at Wake Forest University and an M.B.A. from the Graduate School of Business at Columbia University. Mr. Genereux is on the Board of Visitors for the School of Business at Wake Forest. 
 

Panelists

Wesley R. Edens

Founder and Co-Chairman of the Board of Directors, Fortress Investment Group

Wesley R. Edens is a Founder and Co-Chairman of the Board of Directors of Fortress Investment Group LLC. Fortress was founded in 1998 and is a $58 billion alternative asset management company with headquarters in New York and offices around the world. Mr. Edens is responsible for the Company’s private equity and publicly traded alternative investment business which invests primarily in Financial Services, Transportation and Infrastructure, and Healthcare. 

Prior to founding Fortress in 1998, Mr. Edens was a partner and managing director of BlackRock Financial Management Inc., where he headed BlackRock Asset Investors, a private equity fund. In addition, Mr. Edens was formerly a partner and managing director of Lehman Brothers.
 
Mr. Edens received a B.S. in Finance from Oregon State University.

 

Shawn Foley

Co-Senior Portfolio Manager, Avenue Capital

Mr. Foley is responsible for assisting with the direction of the investment activities of the Avenue U.S. Strategy. Prior to joining Avenue in 2008, Mr. Foley was a Managing Director and Co-Portfolio Manager in Merrill Lynch’s Principal Credit Group, a proprietary investing platform for the firm’s capital, where he was responsible for evaluating and managing assets in the team’s North American portfolio, including non-investment grade bank loans, stressed/distressed fixed income investments and public and private equity. 

Prior to helping launch Merrill Lynch’s Principal Credit Group, Mr. Foley was with Merrill Lynch’s Global Convertible Research team, where he was responsible for building a research effort centered on credit-sensitive convertible issues. Before this, Mr. Foley was a Portfolio Manager within the distressed fixed income group at Baker Nye Greenblatt, an investment advisory firm specializing in merger arbitrage and distressed fixed income investing.
 
Mr. Foley received a B.B.A. in Finance from the University of Notre Dame (1990).
 
 

Jon Fox '04

Senior Managing Director, Värde Partners

Mr. Fox leads Värde’s non-U.S. Business Development and Investor Relations team from London, working with institutional investors globally on distressed, credit and real estate/hard asset investment opportunities. Prior to joining Värde in 2013, Mr. Fox was Managing Director and Co-Head of International Capital Formation at Fortress Investment Group where he led the business development effort in Europe and Asia. 

Prior to Fortress, Mr. Fox was a Director at Lehman Brothers in Senior Relationship Management in Europe and held various corporate strategy roles for Lehman’s Investment Management Division in New York. Mr. Fox previously worked at Yahoo and Lazard Asset Management.

He has an M.B.A., with Honors, from Columbia Business School and a B.A. in Political Science from the University of Colorado - Boulder. 

 
 

Gerald Madigan

Managing Director, JP Morgan

Mr. Madigan is a portfolio manager and senior analyst responsible for distressed and special situation investments in JP Morgan’s Global Credit Trading Group. He has been involved in a wide range of distressed situations and corporate restructurings for over two decades, including RH Macy, USG, WRGrace, Refco, Delta Airlines, Lehman Brothers and Eastman Kodak, among others. Mr. Madigan most recently served on the Ad-Hoc Committee of AMR Corporation Creditors, a group which helped lead the restructuring and the eventual exit/merger with US Airways.

Prior to joining JP Morgan in 1999, Mr. Madigan held various positions in the fixed income businesses of Morgens Waterfall Vintiadis (investment advisory), Oppenheimer & Company, and Kidder Peabody & Co. He began his restructuring career at Ernst and Young in 1990. Mr. Madigan serves on the corporate boards of AMF Bowlmor and Bally’s Total Fitness, and is a former board member of Minster Insurance Company Ltd. and CML Innovative Technologies. He also serves on the Board of God’s Love We Deliver, a NYC-based not-for-profit.

Mr. Madigan received his MBA from the Kellogg School at Northwestern University, and a BS in Economics from Marquette University. He is a non-practicing CPA.

 

Patrick Nash

Partner, Kirkland & Ellis

Pat Nash is a partner in the Restructuring Group of Kirkland & Ellis LLP. He represents a variety of clients in complex business reorganizations, troubled company M&A, debt restructurings, and financing matters. He has counseled companies experiencing financial difficulties, purchasers of and investors in distressed companies, and lenders to and creditors of such companies. Most recently, Pat was listed as a leading lawyer in the 2013 edition of Chambers USA and applauded for having “a ‘great presence’ in the sector and is described by sources as ‘well-rounded and good at everything.’”

He was selected as one of the nation’s “Outstanding Young Restructuring Lawyers” in 2008 by Turnarounds & Workouts. In addition, he was included in the 2013-2014 editions of The Best Lawyers in America for Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law.