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20 Expert Professionals Offer Insights
Into How Today's Deals Are Being Structured
& How The Smart Money Is Participating
In This Year's Fast-Changing Marketplace

Special Keynote Presentation by

E. Kurt Kim, President & CEO, PrivateRaise LLC

 A MasterClass by the New York Capital Roundtable

Tuesday, July 13, 2004

8 am - 5 pm

Harvard Club

27 West 44th Street, New York City

         Earn CLE Credits          

Chaired by Andrew Arno, Head of Capital Markets, C.E. Unterberg Towbin,

& J. Mitchell Hull, Managing Director, PIPE Equity Partners LLC
along with a group of 15 expert speakers

Designed to Meet the Needs of General Partners of PIPEs & Hedge Funds,

VC & PE Funds, & Other PIPEs Investors, as well as the Investment Bankers,

Lawyers, Accountants, & Other Professionals Who Support Them

Schedule | Faculty | Registration | Location | AudiotapesCLE Credits
When You Leave This MasterClass, You'll Know:
If discounts to public market valuations will continue to widen -- and why.
Why PIPEs pros are skeptical about venture capital & private equity firms.
Why investors may find it harder and harder to get to see good PIPEs deals.
How the emergence of boutique investment banking shops is affecting the market.
When are PIPEs superior to secondary public offerings ("follow-ons")?  Are there circumstances when the opposite is true?
Why change-of-control and shareholder approval issues have not impacted PIPEs as much as used to be feared.
The new PIPEs-focused institutional funds -- where are they finding their limited partners?
What actions is the SEC considering that will affect PIPEs investing?
And much much more…

The market for IPOs & secondaries has been warming up in recent months, so it ought to be true that more and more public companies are laying plans to go to the public markets for new capital, right?

And it ought to be true that the market for PIPEs transactions would be starting to show signs of cooling down, right? 

Nope. Not this year. Today, despite the resurgence of the public markets, the PIPEs market continues to flourish, and in fact, it is expanding.  In the first quarter alone, PIPEs recorded their highest quarterly number since 2001.  Analysts predict this year's total will reach beyond the 1350 placements ($19 billion) recorded for 2003, which was itself a 28% gain over 2002.

However, some industry experts are beginning to express concern.  On the one hand, they say, the market is attracting positive interest as more and more companies (issuers) and funding sources (e.g., private equity funds as well as special funds of funds) want a piece of the action.  And yet, on the other hand, the market is also becoming increasingly sophisticated, competitive, and complicated.

The purpose of this special MASTERCLASS -- led by experts who are pioneers in the field -- is to give you an in-depth look at what's happening in the PIPEs market this year, as well as how issuers and their bankers are structuring their deals and how the smart money is participating in them. 

If you are a venture capitalist, private equity investor, hedge fund manager, executive of a public company, investment banker, placement agent, or attorney working in the finance field, this MASTERCLASS will provide you with the information you need to understand the complexities of PIPE transactions in 2004.

This MASTERCLASS is chaired by Andy Arno, who heads the capital markets group at C. E. Unterberg, Towbin, the prominent investment banking firm and by Mitch Hull, managing director of PIPE Equity Partners LLC, one of the country's leading PIPEs funds. Joining them will be Kurt Kim as well as 15 expert speakers, including general partners, fund-of-fund managers, consultants, attorneys, and accountants who are all well-versed in PIPEs investing.  The final panel consists of investors and executives who have been through the experience, and will share their hard-won lessons learned.

Plenty of free time is built into this program so you can interact with the 15 faculty members, and get answers to the particular questions that are pressing for you and the members of your team

        Co-Chaired by -
Andrew Arno, Managing Director & Head of Capital Markets Group
C. E. Unterberg,Towbin
J. Mitchell Hull, Managing Director, PIPE Equity Partners LLC
        Hosted by--
  Burt Alimansky, Managing Director, Alimansky Capital Group Inc.
    & Chairman, New York Capital Roundtable
E. Kurt Kim, President & CEO, PrivateRaise LLC
        Speakers Include-
Michel Amsalem, President, Midsummer Capital LLC
John M. Dutton, President, J. M. Dutton & Associates LLC
Stewart Flink, Managing Member, Crestview Capital Funds
Mark Gottlieb, Analyst, Balyasny Asset Management LLC
Richard E. Gormley, Co-Head of Private Equity Group, SG Cowen & Co. LLC
David Grin, Partner, Laurus Funds
Matt Hill, CFO, EP MedSystems Inc.
James E. Kaye, Partner, Akin Gump Strauss Hauer & Feld LLP
Adrian Kingshott, Managing Director, Amaranth Group
Nathan A. Low, President, Sunrise Equity Partners LP
Charles Messman, Managing Partner, MKR Group LLC
Joshua N. Silverman, General Partner, Iroquois Capital LP
Jonathan Silverstein, General Partner, Orbimed Advisors LLC
Steven Slawson, Titan Capital Management LLC
Richard P. Swanson, Partner, Thelen Reid & Priest LLP
David Walke, CEO, FIND/SVP Inc.
Additional speakers to be announced
07:30 - 08:30 Registration, Continental Breakfast & Networking
08:30 - 09:00 Welcoming Remarks & Audience Introductions
09:00 - 09:45 Outlook for PIPEs Investing This Year  
09:45 - 10:15 Coffee & Networking break
10:15 - 10:45 Key Trends Among the Sector Players
10:45 - 11:00 SEC Issues
11:00 - 12:15 The Issuers' Perspective -- How PIPEs Are Becoming a Conventional Form of Financing
12:15 - 01:15 Luncheon & Networking
01:15 - 02:15 The Investors' Perspective  -- Why New Investors May Face Massive Barriers to Entry
02:15 - 03:15 The Advisors' Perspective -- Valuable Insights About Dealing With Bankers, Buyers, & Lawyers
03:15 - 03:45 Coffee & Networking break
03:45 - 05:00 Lessons Learned -- War Stories of Those Who Have Been There, Done That
05:00- 05:30 Adjournment & Networking

Harvard Club of New York
27 West 44th Street (between Fifth and Sixth Avenues)
Midtown Manhattan

  Can't attend but want to hear the program? You can buy the audiotapes along with the handouts for $495. To purchase, please use this link.
         CLE CREDIT:
  CLE Credits are available for this program.

© 2004 New York Business Roundtable Inc. All Rights Reserved

350 Madison Avenue, Suite 1600, New York, NY 10017

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