Testimony and expert reports provided in the United States District Court, Southern District of New York, Eastern District of Pennsylvania and California, United States Bankruptcy Court for the District of Delaware, State Supreme Court of the State of New York, District Court, County of Eagle, State of Colorado, International Chamber of Commerce, the American Arbitration Association and the New York State Education Department related to:
A matrimonial action regarding the determination of the book values and income of a group of related companies and its shareholder.
A commercial litigation representing the defendants in a breach of the shareholders’ agreement involving profit sharing and reasonable compensation issues.
The calculation of damages resulting from the inappropriate accounting treatment of assets contributed as capital and purchased.
A commercial litigation representing the defendant to calculate damages for lost profit and other extraordinary losses resulting from the termination of a license agreement and testifying to such.
A commercial litigation representing the defendants to calculate the value of work in connection with bonding on a mechanic’s lien.
The dissolution of a retail company requiring a valuation of a 100% ownership interest pursuant to the Respondent’s election to purchase a 50% interest resulting from the application of dissolution.
The evaluation of the damages suffered by a client as a result of the breach of the representations and warranties made by the seller related to the acquisition of certain South American subsidiaries.
A valuation rebuttal report on behalf of the defendants to a report prepared by the Plaintiff’s experts. The case involves the alleged damages of a partner who left the law firm and was seeking to determine the value of his interest in the law firm to which he was allegedly entitled.
The calculation of damages suffered by the Plaintiff resulting from alleged breaches of the parties’ exclusivity clauses in their license agreement for broadcast properties.
A commercial anti-trust litigation representing the defendants to rebut and recalculate the opposing side’s experts’ calculation of damages for lost profit.
A commercial litigation representing the defendant to determine whether cost to complete damages claimed were the actual costs in the building of an airline terminal.
A rebuttal report in a matrimonial matter of the neutral valuation expert’s report.
A case of insurance fraud allegedly involving the beneficial ownership of a professional radiology practice by a non-professional, commonly known as “Doc in a Box”.
A rebuttal report that included a valuation report of a distribution company, on behalf of the defendants to alleged lost value damages resulting from the alleged wrongful termination of Boar’s Head Distribution routes.
A meat packing company and slaughter house of veal, calculating lost profit from the loss of a major customer and its consequential damages of rebalancing the deconstruction of its products, resulting in loss of business to other customers.
An expert report submitted on behalf of the State of New York, Office of Attorney General in a case involving the departures from generally accepted auditing standards by the auditors of a not-for-profit nursing home when there was a fraud committed on the part of the trustees.
A report prepared on the departure from generally accepted auditing standards and generally accepted governmental auditing standards by the auditors of the Roslyn Union Free School District for the New York State Education Department’s disciplinary action against the audit firm.
A successful summary judgment affidavit on behalf of the plaintiffs to analyze the existence of enterprise fraud and identify the true beneficial owners in a No-Fault insurance fraud.
The calculation of economic damages in the wrongful death of a real estate developer.
Quantifying unaccounted funds from a movie theater’s box office, concessions and miscellaneous receipts that were not deposited into the theater’s accounts. This contributed to the District Attorney obtaining a criminal plea agreement from the theater manager for the theft of funds.
The ability to trace and quantify the crude oil sold by producers to users through six pipelines in order to perfect a lien on the buyers of that oil.
Determining whether related medical practices were involved in illegal fee-splitting with, among others, non-physicians and to what extent profits were shared with non-physicians in order to impose a restraining order on the medical practices.
To determining the fair value of the investment advisor in an oppressed member action resulting in a successful settlement for contract claims under Delaware law and a conversion claim under New York law.
Retained by major insurance companies to identify enterprise fraud schemes to defraud the major insurance companies underwriting no-fault insurance in New York State involving the tracing of hundreds of millions of dollars of fraudulent insurance claims through layers of corporate ownership.
Retained by plaintiff attorneys to help settle, in mediation, a lawsuit against a franchisor resulting from breeches of the Telephone Consumers Protection Act.
Retained by beneficiaries and executors of estates and trust to determine the breach of fiduciary duties on the part of executors and trustees.
Retained by trustee of a litigation trust to review the legal fees from attorneys.
Retained in numerous matrimonial matters to value businesses, trace funds, and analyze cash flow.
Retained by a special master to investigate organized crime involvement in a bankruptcy proceeding of heating oil distributor. Conducted a financial investigation to determine if there were any financial irregularities that would indicate the involvement of organized crime.
Retained by an international bank to audit the books and records of various real estate customers in default of loans to identify inappropriate and prohibited transactions made for the benefit of the principals. Amounts uncovered were used to create pressure to create settlements on each of the engagements retained.
Retained by sureties to evaluate the costs to complete incurred in connection with performance bonds.
Retained by an international bank to review controls and identify prohibited transactions of a Bank Officer suspected of fraud. Successfully found all prohibited transactions leading to criminal referral.
Investigated wrongdoings, improper spending and conflicts of interest and defalcations in the housing department of a major university and other for-profit organizations.
Retained by one of the world’s largest international banks to be part of a team that took over and investigated customers that had defaulted on their loan obligations. Worked to create an investigative plan to uncover irregularities and work their implementation. Irregularities involved domestic and foreign operations of major film production and distribution companies. Strategies involved establishing extensive databases and using them to trace and analyze irregularities. Some of these engagements lead to the appointment of Trustees.
Retained by a major international trading company to investigate its investments in Turkish Mining Companies and the subsequent sale of the businesses to determine if there was fraud in the financial reporting obtained in each of the transactions. Findings lead to a successful settlement of the litigation.
Determining the extent of unreported taxable cash receipts used to pay for company expenditures in cash and presenting the analysis to the IRS and department of justice.
Tracing of hundreds of millions of dollars in a kiting scheme in a mortgage company designed to defraud major New York banks and Fannie Mae.
Retained by the New York State Department of Education to review and analyze the audit work-papers of the Roslyn School District auditors for audit deficiencies who were subject to a disciplinary proceeding.
Retained by the Attorney General of New York to help recover funds in a fraud perpetrated on a not for profit organization.
Retained in litigation involving the break-up of a major real estate organization to defend against claims of wrongdoing: self-dealing on the part of certain partners.
Determining the passive versus active nature of appreciated assets in matrimonial disputes
The tracing of oil producers’ product through pipelines to the ultimate first purchaser to perfect liens for unpaid invoices in a bankruptcy matter.
Retained by attorneys to determine the damages due based on the value of an investment advisor worth almost $500,000,000 in a wrongful takeover of an investor’s interest.
Retained by attorneys to value various classes of stock in a tax restructuring of an entity investing in real estate and hotel properties worth over $500,000,000.
Determining the value of minority, non-marketable interests in 40 distinct real estate entities owning rental properties and occupied COOP apartments for estate tax purposes and for contribution to a “Freeze” partnership.
Preparation of an expert affidavit on behalf of the Plaintiff in a dissenting shareholder case. The Affidavit presented the calculation of a preliminary conclusion as to the fair value of a real estate brokerage company and its affiliates and the corresponding fair value of one of its shareholders.
Preparation of an expert report and testifying in matter to determining the fair value of a law practice in a partnership dispute in order to compensate the departing attorney.
Determining the fair value of a software company in an oppressed shareholder case.
Valuation of complex capital structures following AICPA standards.
Preparation of valuation reports for buy-sell provisons within operating agreements.
Retained in matrimonial matter to value a minority interest in a $500,000,000 investment advisor and to help settle the matter.
Retained in matrimonial matter to value illiquid securities and stock options worth millions of dollars.
Retained in a tax restructuring of a real estate operation involving 7 real estate entities with properties worth in excess of $200,000,000.
Preparation of a valuation report for an estate involving a family limited liability partnership and a real estate operation worth approximately $250,000,000.
Purchase price allocations in accordance with ASC 805 for numerous acquisitions of companies including software development, investment advisors, logistic, publishing, women apparel, manufacturing (including original equipment manufacturer), retailers, e-commerce, new media/Internet companies, wholesale, distribution, consulting services, pulp and paper, chemical, healthcare, biotechnology, recreation, software development, colocation services, entertainment, telecommunications, electronics, construction, insurance, nutritional products, hospitality, and energy services.
Valuation of reporting units for purposes of impairment testing in accordance with ASC 350 – Intangible Assets – Goodwill and Other. Companies include software development, professional services, consulting, manufacturing, transportation and logistics, event management, apparel manufacturer, retailers, employee healthcare insurance, biotechnology, e-commerce, internet search optimization, hospitality, power generation services, and leasing and maintenance of railcars.
Valuation and consulting services to determine the fair value of common and preferred stock in accordance with ASC 718 – Compensation—Stock Compensation. Companies included custom network solutions and bandwidth infrastructure support business, business aviation company, media and advertising company, internet auctions company, digital marketing and reporting company for investment managers, internet search optimization company, employee healthcare insurance, biotechnology, website development and online marketing, and investment advisors. The valuations were performed for purposes of issuing stock options and financial reporting.
Valuation of loans for a nonprofit entity in accordance with ASC 820 – Fair Value Measurement and Disclosures. The fair value of the complex financial instruments was derived based on the use of Monte-Carlo simulation.
Consulting and valuation of convertible debt based on the guidance included in ASC 820 – Fair Value Measurement and Disclosures and ASC 815, Derivatives and Hedging. The fair value of the financial instrument was derived based on the use of a lattice model to capture the embedded derivative (issuer’s call options and holder’s put option) as well as other special features.
Valuation analyses of down-round warrants issued by an early stage video digital distribution and television cross platform measurement company, medical devices and software development company. The warrants qualified as a free-standing derivative in accordance with ASC 815. A Monte-Carlo simulation was utilized in estimating the fair value of the warrants to capture the company’s expected rounds of financing, the future stock prices and the down-round feature.
Valuation of restricted common stock of a multinational publicly traded company pursuant to the requirements of ASC 946, Financial Services-Investment Companies. The fair value of the restricted common stock was derived based on the use of option pricing model and private placement analysis of restricted stock.
Valuation of loans for a nonprofit entity in accordance with ASC 820 – Fair Value Measurement and Disclosures. The fair value of the complex financial instruments was derived based on the use of Monte-Carlo simulation.
Engagement 1:
Estimated Project Value:
Engagement Scope:
Integrity counseling for large real estate developer
$100,000,000
• Monitoring all invoices related to capital project and review insurance claim related to default by a subcontractor:
• Determine that all payment requisitions from contractors were authorized, approved prior to payment
• Verify all requisitions (no duplication of charges, correct charges)
• Determine changes orders were approved, authorized
Engagement 2:
Estimated Project Value:
Engagement Scope:
Integrity counseling and assessment of internal controls and operations for a jewelry designer / manufacturer / retailer
$45,000,000
Assessed existing procedures and controls and designed new procedures and controls for movement of inventory
Engagement 3:
Estimated Project Value:
Engagement Scope:
Investigation of an owner manager of 100 NYC medallions
$100,000,000
Determine the irregularities within the organization for accounting for revenue and expenses including lease receipts from drivers. Determine the correct amount of revenue and expenses.
Engagement 4:
Estimated Project Value:
Engagement Scope:
Monitoring of large public works project
$53,000,000
• Establish accounting system to accommodate the audit, accounting, reporting and regulatory compliance requirements for all stakeholders
• Review of the standard policies and procedures that will be established by management for construction oversight
• Prepare month-by-month cash flows on periodic basis to determine if there is adequate funding and the ability to make timely disbursement of obligations
• Oversee and if necessary receive funds for deposit from the various constituencies and preparation of payments of project expenses for signature
• Determine all relevant compliance requirements to public law are adhered to
• Prepare periodic reports for the various stakeholders
• Consulting on issues and special assignments that will arise during the project
• Meetings with management and constituencies
Engagement 5:
Estimated Project Value:
Engagement Scope:
Integrity counseling for large real estate developer
$100,000,000
• Monitoring all invoices related to capital project and review insurance claim related to default by a subcontractor:
• Determine that all payment requisitions from contractors were authorized, approved prior to payment
• Verify all requisitions (no duplication of charges, correct charges)
• Determine changes orders were approved, authorized
Engagement 6:
Estimated Project Value:
Engagement Scope:
Monitoring and assessment of Internal Controls over financial reporting for entertainment company
No project value – done for organization (confidential)
• Determine whether any funds from the box office, concession and miscellaneous receipts were not deposited for the amount collected.
• To identify any bank deposits not corresponding to the daily receipts.
• To identify any unusual transactions involving cash.
Engagement 7:
Estimated Project Value:
Engagement Scope:
Monitoring the construction costs of not for profit organization
$85,000,000
• Monitoring the construction expenditures to determine billings were consistent with contracted terms.
• Review of the standard policies and procedures that will be established by management of the construction.
• Determine all relevant compliance requirements to public law are adhered to.
• Prepare periodic reports for the various stakeholders.
• Companies testing to prevailing wage requirements.
• Meetings with management and constituencies.
Engagement 8:
Estimated Project Value:
Engagement Scope:
Monitoring the financial reporting requirements of a publicly held company in connection with SEC regulations.
$285,000,000
• Assessed existing internal controls over financial statement reporting in addition to certain regulatory and legal requirements.
• Assessing the effectiveness of those controls and determine the rate of failure.
• Suggested remediation to weaknesses.