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Corporate Finance | Selected Experience

Damages

On behalf of the unsecured creditors committee of a multibillion dollar, multinational debtor operating under Chapter 11, assessed damages attributable to defendants’ aiding and abetting a breach of fiduciary duty by debtor insiders. Conducted forensic analysis of debtor transaction records. Adjusted transaction records to restate debtor’s reported revenues, debt, and cash flows consistent with the economic substance of subject transactions. Quantified damages associated with the destruction of debtor equity value. Computed as-is and but-for profitability, coverage, leverage, and cash flow ratios to determine the effect of as-is financial reporting on debtor’s credit rating, established causal link between defendants’ actions and damages sustained by the plaintiff, and apportioned damages amongst defendants.

For a newly established Internet retailer, provided expert testimony in support of the damages claim attributable to an alleged price-fixing conspiracy arising out of a resale price management program. Examined competitors, customers, substitute products, suppliers, and the possibility of new entry to support the product market definition, focusing on facts related to public and industry recognition, product characteristics and usage, targeted customers, pricing and price sensitivity, and marketing, sales, and distribution. Estimated expected but-for lost revenues, incremental costs, and lost profit damages.

Developed product profitability studies to model a “typical” vertically integrated manufacturer in the specialty chemical industry. Analyzed aggregate and per unit, variable and fixed, labor, raw material, and overhead costs. Normalized productivity and cost allocation rates. Eliminated intercompany profits. Evaluated relationship between raw material costs, exchange rates, arbitrage, and hedging strategies. Model used to estimate but-for prices in damages settlement negotiations and rebuttal.

Consulted with attorneys on shareholder class action damages involving bonds, options, and equities. Performed quantitative and qualitative analyses using actual transaction, daily, and intra-day data to estimate aggregate and firm-specific damages, analyze price formation, critique opposing expert’s analysis, and assess the case merits.

Consulted with attorneys on a shareholder class action and provided analysis of damages theories, preparation of preliminary damages exposure estimates, critique of opposing expert’s deposition, and assessment of case merits. Also developed empirical and economic analysis of gold derivatives and spot prices, as well as the supply and demand elasticity for gold.

 

Selected Experience
Valuation
Mergers and acquisitions
Bankruptcy, restructuring, and solvency
Securities
Damages