Law Seminars International Presents

An Advanced Two-Day Conference on

The Future of Energy Trading

March 3 & 4, 2005
Crowne Plaza Houston Downtown in Houston, TX
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Who Should Order Homestudy

Private and in-house attorneys, representatives and executives of the energy industry, energy marketers, sellers, purchasers, risk management professionals, government regulators, rate specialists, plant operators, engineers and corporate planners

Why Order

As new speculators in the form of Investment Banks, Hedge Funds and Multinational Oil Companies enter energy markets to fill the void left by the collapse of the mega-merchants, the structure of energy trading will be fundamentally changed. Interest in the hedge fund’s entry into energy commodity trading is at an all time high, in part fostered by a perception that these speculators are behind recent record energy prices. Just how will the new speculators impact energy markets? Who oversees and regulates the highly secretive hedge fund activities? The financialization of the energy markets is now underway led by the funds and the banks but how will this impact energy trading in the future and how what new risks will participants be exposed to? Now is the time to hear from respected energy trading and energy trading law experts on the tremendous changes occurring in the energy markets and what this might mean for your business.

What You Will Learn

Charting the Unregulated Waters of Energy Derivatives; New Financial Markets for Energy Trading; FERC's Perspective on Emerging Regulatory Factors in Energy Trading; Hedge Funds in the Federal Regulatory Scheme; Choices and Ramifications of Market Disruption Events and "Fall Back Methodologies"; Issues Surrounding the SEC's Proposed Regulatory Scheme; Implications of FERC and the Bankruptcy Code; Valuations in Contract Terminations; Hedge Fund Participation; Managing Legal and Reputational Risk in the "New" Energy Trading Marketplace; Internal Risk Controls; and Systems and Technologies Support

Agenda

Thursday, March 03, 2005
8:00 am Registration and Continental Breakfast
8:30 am Charting the Unregulated Waters of Energy Derivatives
  What are they? What conditions contributed to the present situation? What types are there? What do we need to do about it?
  Devi S. Koya
 McDermott Will & Emery / Chicago, IL
  Gary M. Vasey, Ph.D., Vice President, Trading & Risk Management
 Utilipoint International, Inc. / The Woodlands, TX
9:15 am Special Address: "New Financial Markets for Energy Trading"
  Peter Fusaro, Chairman
 Global Change Associates Inc. / New York, NY
10:00 am Break
10:15 am Emerging Regulatory Factors in Energy Trading
  Stephen Harvey, Deputy Director of Market Oversight and Assessment
 Federal Energy Regulatory Commission / Washington, DC
11:00 am Hedge Funds in the Federal Regulatory Scheme
  How the landscape is changing; a prospective look at the CFTC’s role in regulation of energy trading; industry reporting requirements
  Brent Benoit
 Locke Liddell & Sapp LLP / Houston, TX
  John S. Rainey, Esq.
 Locke Liddell & Sapp LLP / Austin, TX
12:00 pm Lunch (on your own)
1:30 pm The Choices and Ramifications of Market Disruption Events and "Fall Back Methodologies"
  A discussion of Market Disruption Events, "Fall Back Methodolgies" and the related affects on transactions
  Devi S. Koya, Program Co-Chair
 McDermott Will & Emery / Chicago, IL
2:15 pm Energy Trading and the Securities Exchange Commission
  How the new SEC proposed regulatory scheme affects trading and energy
  R. Michael Sweeney, Jr., Esq.
 Troutman Sanders LLP / Washington, DC
3:00 pm Break
3:15 pm The Implications of FERC and the Bankruptcy Code
  Application of the Bankruptcy safe harbor provisions; the jurisdictional conflict between FERC and the Bankruptcy courts; discussion of Mirant and Enron
  Nathan F. Coco, Esq.
 McDermott Will & Emery LLP / Chicago, IL
4:00 pm Valuations in Contract Terminations
  ISDA; EEI; NAESB; WSPP and other agreements; what does ‘commercially reasonable’ valuation mean? Calculating contract replacement value and termination amounts; impact of netting on settlement calculation; pitfalls to be avoided
  Justin Harlow, Senior Consultant
 Risk Capital LLC / New York, NY
5:00 pm Adjourn

Friday, March 04, 2005
8:00 am Registration and Continental Breakfast
8:30 am Introduction and Overview
  Gary M. Vasey, Ph.D., Program Co-Chair
 Utilipoint International, Inc. / The Woodlands, TX
  Devi S. Koya, Esq., Program Co-Chair
 McDermott Will & Emery / Chicago, IL
8:45 am Hedge Fund Participation
  Guidelines for fund administrators; legal implications; interaction with banks, transparency issues
  Karl J. Wachter, Esq., General Counsel
 Amaranth Advisors LLC / Greenwich, CT
9:30 am Managing Legal and Reputational Risk in the "New" Energy Trading Marketplace
  How to manage legal risk in the changing regulatory scheme; what is reputational risk and can it be quantified? How to mitigate the impact of adverse events on the reputation of your firm.
  Devi S. Koya, Esq., Program Co-Chair
 McDermott Will & Emery / Chicago, IL
10:15 am Break
10:30 am Internal Risk Controls
  Operational Risk; documentation risk; credit risk
  C.E. Payne, Jr., President
 Cadwallader and Associates, LLC / Lenexa, KS
11:15 am Systems and Technologies Support
  Business processes; transparency; regulation compliance
  Gary M. Vasey, Ph.D., Vice President, Trading & Risk Management
 Utilipoint International, Inc. / The Woodlands, TX
12:00 pm Questions and Answers
12:30 pm Adjourn

Cancellation

There is a $25 cancellation fee for Course Materials orders and $50 for Homestudy orders

Continuing Education Credits

Law Seminars International automatically obtains CLE credit approval for the state in which a seminar is held. On request, we will apply for CLE credits in other states and other types of credits. Current credits status: TX CLE10 (#000074728) | KY CLE 10 (#75623) | NV CLE 10 | OH CLE 10 (#000150429) | OK CLE 12 | PA CLE10 | VA CLE 10 | WA CLE 10 (#132563)

Cost

Our complete Homestudy Course, consisting of a VHS or DVD recording and the written course materials, is available for $905. The course materials alone are available for $100. We will ship your homestudy order via UPS ground within two weeks after the seminar or the date we receive payment (which ever is later).
Order Homestudy

Faculty Bios

Devi S. Koya is a partner in the Chicago office of McDermott Will & Emery LLP. She is a member of the Firm's Tax Department and Financial Products, Trading and Derivatives Group, advising clients including hedge funds, financial institutions and energy companies with respect to the documentation and regulation of financial products including over-the-counter derivative transactions

Gary M. Vasey, Ph.D. is Vice President, Trading & Risk Management for Utilipoint International, Inc. He has extensive experience in energy information technology, marketing and business development. In particular, he has experienced all aspects of energy software and consulting as an end user, implementer, creator and seller. For the last seven years, he has specialized in energy trading and risk management business processes, software and technologies

Brent Benoit, a partner at the Houston office of Locke Liddell & Sapp LLP, represents governmental entities, officers and employees. His practice includes general commercial litigation, including securities litigation and other financial disputes.

Nathan Coco is a partner in the Chicago office of McDermott Will & Emery LLP. He is a member of the Distressed Transactions and Bankruptcy Practice Group of the Corporate Department where he concentrates his practice on corporate bankruptcies and restructurings, distressed financings and asset dispositions, creditor rights representation, and general commercial litigation.

Peter Fusaro is Chairman and Founder of Global Change Associates. He is recognized as an international expert on energy and environmental price risk management, industry restructuring, energy security and the Asia Pacific region. He is a well known speaker and author on energy trading and risk management issues and his many published books include the New York Times best seller "What Went Wrong at Enron"

Justin Harlow is a Senior Consultant at Risk Capital and is responsible for the Legal Support Services division. Justin operates primarily as a consulting expert in energy legal cases. His experience includes preparing expert witness testimony in multiple energy arbitrations in the US and UK, acting as a consulting expert in major securities litigation and valuation of portfolios for creditors to bankrupt entities. Previously, Justin operated as an analyst for the trading division of BP. Justin started his career as a consultant to the Saudi Arabian government in London.

Stephen J. Harvey is the Deputy Director of FERC’s Market Oversight and Assessment area in the Office of Market Oversight and Investigations (OMOI). OMOI helps the Commission improve its understanding of energy market operations and ensures vigilant and fair oversight of areas under Commission jurisdiction. He has almost 20 years private-sector experience in the electric and natural gas markets at a variety of energy and energy-related technology companies.

C.E. Payne, Jr. (Cal) is the President of Cadwallader & Associates, LLC, and specializes in the utility and broader energy sectors and also serves as Senior Advisor for Raft International, a provider of software solutions in the areas of credit and operational risk management. He has extensive experience in all areas of risk management, policy formulation, control parameter and infrastructure design, and the demands of Sarbanes-Oxley and other emerging corporate governance issues.

Chip Rainey, a partner at Locke Liddell & Sapp LLP in Austin, practices in the area of technology and commercial transactions. His focus is on transaction and litigation experience in all areas of commercial law with emphasis on copyright, tradework and telecommunication issues.

R. Michael Sweeney is a partner at Troutman Sanders LLP where he represents traditional utility, power marketer, and power developer clients before the FERC and counsels traditional utility and affiliated/independent power producer clients in M&A, asset divestitures and purchases, and corporate reorganizations.

Karl Wachter is the General Counsel of Amaranth Group Inc., a private investment fund manager in Greenwich, Connecticut, Toronto and London. Mr. Wachter began his career as an associate with the law firm of Clearly Gottlieb Steen & Hamilton in New York, where his practice focused on a wide range of derivatives transactions, structured products and regulatory matters.