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Corporate Finance | Selected Experience

Mergers and acquisitions

In FTC v. Staples, Inc. and Office Depot, Inc., authored, presented, and defended in cross-examination testimony trial exhibits and declarations pertaining to market share, industry concentration, merger synergies, gross margins, and product pricing. Case remains the state-of-the art in merger antitrust enforcement.

In The Matter Of The Joint Petition Of Public Service Electric And Gas Company And Exelon Corporation For Approval Of A Change In Control Of Public Service Electric And Gas Company, And Related Authorizations, prepared accounting, economic, and financial studies, and provided expert analyses and testimony, focusing on the identification, verification, quantification, and realization of merger synergies; both direct and indirect cost savings and revenue enhancements focusing on sources of synergy, costs-to-achieve, timing, underlying assumptions, allocations, and operating constraints including scale, mix, and proximity

Directed the preparation of analyses of operating results, financial position, cash flow, merger synergy, and failing firm claims used to obtain Federal Trade Commission approval of mergers, acquisitions, and joint ventures valued at $11.185 billion

Provided expert testimony in support of restraint of trade and monopolization claims in litigation brought to block an acquisition. Determined transaction objective, structure, valuation, and returns through evaluation of asset purchase and sale agreements, financing, valuation, and allocation of purchase price among tangible and intangible assets, including goodwill and noncompete covenants.

Conducted event studies of merger announcements to isolate and control for the influence of industry and market factors on the price of a publicly traded stock; assessed the probability that the observed change in the price of the stock was due to the subject announcement, thus facilitating an objective quantification of the change in stock price associated with the disclosure

 

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