For purposes of estimating damages to which a trust was entitled as a result of actions taken by its trustees, estimated the fair market value, and changes therein, of a privately held, multinational diversified conglomerate over a period of nearly 20 years. Assessed the potential for the trustees to have divested and monetized the trust’s interest in the firm on each valuation date, and calculated what the proceeds would have been worth had they been invested in a manner consistent with sound trust administration.

Prepared comparable company, comparable transaction, break-up, leveraged buyout, and discounted cash-flow valuations to value shareholder economic and voting interests, control premiums, and customer/vendor contracts. Results used to define and negotiate terms leading to Consent Decree between the Federal Trade Commission and Time Warner pursuant to its merger with Turner Broadcasting.

Valued intellectual property rights to technology used in the production of diesel engines and trucks acquired by a Big 3 automotive manufacturer; defined valuation objective, standard, and premise; evaluated functional, technical, economic, and legal characteristics of subject IPRs; analyzed industry, firm-specific, macroeconomic, and transactional data; prepared income, market, and cost-approach valuations based on relief from royalty, reproduction cost, and avoided cost methodologies; specified value conclusion for financial reporting purposes

In determining HSR Act reporting violations, provided valuation, tax, cash flow, and IRR analyses relied on by the Federal Trade Commission, all of which assisted in the negotiation of related Consent Orders and assessment of penalties of more than $7 million

Refuted relief from royalty, profit split, and discounted cash-flow valuation methodologies used to provide below-market valuations in the purchase of trademarks acquired in transatlantic merger. Determined reasonable royalty rates, valued goodwill, reallocated purchase price, estimated capitalization rate, weighted-average cost of capital, and internal rate of return. Results led to penalties of nearly $3 million in a finding of HSR Act violations.

Valued an option to purchase physical assets in a breach-of-contract dispute. Estimated the volatility of the underlying nontraded assets and performed sensitivity analyses using multiple option pricing methodologies.

Performed valuations of equities, options, financial derivatives, and other complex financial instruments for public and private businesses

Estimated cost of capital for public and private firms in multiple industries for valuation and regulatory purposes

Assessed the viability of an initial public offering of stock intended to facilitate an asset divestiture ordered by the Federal Trade Commission. Evaluated management qualifications, firm strategy, industry competitive dynamics, historic and pro-forma operating results, financial position, cash flows, and use of proceeds. Prepared discounted cash flow and comparable company analyses to validate new issue price.