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Business Money Ltd 2008
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The 10th FDA
Conference
The Cavalieri Hilton, Rome
November 2007
All roads lead to Rome they say though not necessarily if you
entrust your baggage to BA. Such was the experience of several who
flew with the airline. My experience with it was different. When I
tried to book a flight for Tuesday 14 November, BA’s website
informed me that there was only club class available. How strange
then that everyone who used those flights reported them half empty.
So I chose Alitalia. The flight left 90 minutes late for no apparent
reason and the in-flight nourishment could have seen the airline
done for cluster bombing if the alleged bread rolls had fallen from
the plane.
Fiumicino airport has 10 baggage carousels but apparently only one
of them works and we shared it with dozens of Italian army personnel
from an earlier flight, all trying to identify their similar black
plastic cases.
Things started to look up when we found a five-seater taxi and
travelled in good company on a journey to the centre of Rome so that
one of our party could join some friends for supper.
And so to the magnificent Cavalieri Hilton.
The room was fantastic with a great view over Rome and we quickly
repaired to the lobby bar to commence networking duties. These were
only half completed at 2.25am but it was time for bed.
The next day saw a spectacular sunrise over a Rome shrouded in mist,
or murk.
Lunch was a competitive occasion in that we had a choice. KPMG or
PricewaterhouseCoopers?
I attended the first KPMG lunch in Barcelona. There were 18 of us
and what a gesture on the part of the firm, one supportive of the
FDA event, in entertaining some delegates who had reached Barcelona
early. The lunch was at 1.00pm, the first FDA function was at
6.30pm. No problem.
I reported events last year that took place a few years ago in Monte
Carlo when certain members of the executive tarried a little too
long and arrived at a meeting a trifle over-refreshed and, possibly,
not affording the meeting the requisite degree of gravitas.
Ongoing rumblings and attempts to compromise meant that last year
the event carried an FDA label as well which was inappropriate
because no way was KPMG going to invite anybody from other firms in
the world of corporate recovery even if they had paid up to attend
the conference and attendant functions.
KPMG took us to Villa Miani and a great time was had by all though
maybe the Karaoke session should be up for review.
I have not had a lot of time for PricewaterhouseCoopers since one of
their team pulled a monumental stroke on me. A little while back I
received a telephone call from the firm from someone who shall
remain nameless. He told me that the firm wished to come back into
the invoice finance market and would I brief them on the present
state of it?
I am not averse to some pro bono work in the interests of the
industry we serve and over two days I spent probably a couple of
hours briefing this character. I was less than pleased to be told by
a good lawyer friend, some weeks later, that much of what I had said
was bound into a report supporting a proposed corporate transaction
and for which a huge sum of money had been charged. Maybe I should
have stuck an invoice in. You learn; I no longer do pro bono jobs.
Time to let it rest. The invitation came from Colin Haig who is a
great guy and we met some good types from PricewaterhouseCoopers
during the conference.
Speaking of conduct unbecoming, even fraudulent behaviour, it is
amazing to report that it is not unknown for some to turn up at the
conference, having not paid a penny towards it, and to crash events.
So this year it was prominent badges and security on every door.
What a contentious start to a conference write up but it makes for
balance as I thought this one of the best yet. Organising a
conference, year-after-year, is never easy and providing something
to satisfy everyone in every respect is impossible. The FDA
Conference serves as one of the great industry networking events and
deserves as much support as it can get. I know some leaders in
invoice finance get tetchy at being ambushed by IPs and lawyers but
maybe no more tetchy than some accountants do at being ambushed by
factoring sales folk.
Previous conferences have stretched to a second day. Their content
of wonder-women defying odds that often they stacked against
themselves by sheer stupidity, motivational speakers, and one or two
presenters who had little new to offer proved poorly supported. By
the closing session one could feel like Billy-no-mates, just an
empty hall with you and the speaker.
The hall was packed for everything this year.
I had a good clue to the opening. I saw, booking into reception, a
tenor I had seen at a big Cancer Research charity dinner in London a
couple of weeks before. He confessed that he was here for the
conference opening so I kept quiet until he appeared.
FDA chairman, Jeff Longhurst, opened proceedings and he introduced
Desmond Flynn, head of the Insolvency Service.
We had thoroughly enjoyed Desmond’s engaging company when he was
seated with us at dinner the previous night, courtesy of Baker Tilly.
He is very witty and thinks on his feet. The presentation focused
upon personal insolvency. The prosperity of the population as a
whole is important to us, the impact of bad debts upon our banks is
becoming significant.
Desmond later chaired a session on “Perspectives of Life after the
Enterprise Act”. This was preceded by a short film interviewing
several IPs, lawyers and factors on their practical experience. Not
all comment was positive and the panel discussion between Lorinda
Peasland of DLA, Geoff Carton-Kelly of Baker Tilly and Alison Small
of both Venture Finance and City Invoice Finance discussed the
shortcomings though benefits received attention as well.
Desmond Flynn added much to all proceedings which is fortunate as
the industry, having for decades tried to shed the
“lender-of-last-resort” image, could be asked if Desmond was the
wisest choice as a high profile guest?
Would you invite a leading divorce lawyer to your wedding?
But we jump ahead for before the Enterprise Act session we had three
top class presentations.
Martin Morrin told us much of the burgeoning world of all-asset
finance, the importance and the technicalities of the syndication
market.
Geoff Healey then made a compelling presentation on the might,
sophistication, and complexity of GE’s trade and supplier finance
operation. Sure, it was a product presentation but it is a great
product and is in use all around us. I enjoyed it and found it
informative.
The high spot for me was the presentation by Martin Glenn, chief
executive Iglo Birds Eye. Martin has one of those CVs that shout top
man in marketing. His story of the climb of Walkers crisps contained
much that should inspire creative thinking amongst every marketing
executive in our sector.
An excellent lunch – not always the case at some big conferences but
certainly so here – was followed by the first appearance of Piers
Morgan.
If we first cover the session he chaired with Paul Hancock of JP
Morgan, Ian Steward of Five Arrows and Dennis Levine of Burdale it
highlighted his journalistic talent in eliciting replies from a very
cultured and knowledgeable trio. I gained the impression that they
were caught between treating him with the courtesy due to a guest
and being concerned that his next question would lead them into a
trap. Maybe they were right.
Piers later gave us a brilliant, scintillating, 45 minutes at the
lectern with some juicy insights into the ways of those who would
dictate to us how we lead our lives, stars and sports stars. There
were one or two stories I had already learned from his hilarious
book and whilst he is not everyone’s cup of tea he has no
pretensions regarding what he is. A tabloid journalist, and a world
class one.
We all love it when the press takes us seriously or publishes
opinions with which we agree. There is a world out there without our
educational inspirational advantages and they all have a vote.
Tabloid and other mass media channels have a vital role to play and
I believe it was a masterstroke inviting him.
If nothing else, I am amazed how few in our industry truly
understand media and Piers provided some valuable insights into what
executives are up against when dealing with much of the press and
TV.
Piers’ presentation was preceded by The Xtra Factor – Hedge Funds –
What they are and their impact on our industry?
The technical material on offer was magnificent though Alec Petro’s
dry and intellectual style of delivery arguably did not inspire us
with its quality. And I was especially embarrassed for him later on
when Al Murray included a parody of American culture during his
after dinner show.
The dinner was the better for having no place names so that folk
could choose their mealtime companions though we saw a reverse
phenomenon. Far from crashing the event, one could have suffered
from agrophobia in some parts of the hall as so many were off into
Rome doing their own thing.
The charming string quartet that entertained us demonstrated that
the show must go on even if those clowns at BA and BAA between them
had ensured that the girls’ outfits were in some missing baggage
mountain somewhere.
There were some moans after the conference, as ever, because folk
have vastly different and often unrealistic expectations of the
gathering.
Was the hall full at all times? Yes (never been seen before).
Was it sold out? Yes.
Did we meet many of the people we like to meet and save ourselves
20-30 days on the road meeting them otherwise? Yes.
Was Rome a great place to hold it? Yes.
Was the hotel great? Yes
What more can you ask?
Congratulations and thanks to the whole FDA team, especially Nicola
Breeze who took over organisation this year.
Editor
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