1. Attached as Schedule "A", is the paper prepared for this conference last year. This is one of those occasions when someone gets to say, we hate to say we told you so - but we told you so.rn2. Last November, the economy was on the precipice. This November the economy is in free fall and has not yet hit bottom. In between, many continued to ignore the warning signs. Now, the cylinder that we envisioned last year is coming into play more and more often. Knowledge of the cylinder has, in some cases, prevented insolvencies, however, as parties realize that tipping the debtor into insolvency, when there are few players around ready to provide debtor in possession financing and monies to restructure, will only succeed in terminating what little income stream may exist. Last year we were transitioning from the good to the bad, this year we are moving from the bad to the ugly.
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