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If you are going to the convention with the sole interest of getting a new job, you shouldn't be going on the old company's dime. But if you are going and will work for them solidly through the event, and keep your interviews discreet and out of the public spotlight, then I don't see the issue.
If you get a new job as a result of the convention, you might want to offer to refund some of the trip back to the first company. Better yet, don't agree to anything until you get home, and don't start the new job for a few weeks after... keep it cool for everyone.
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