Sales Real Estate
Resume:
Scott A. Bayley, CPA/ABV, CFE, CVA
Managing Director
**** ******** ******, ***** ***
Houston, Texas 77002
Direct: 713-***-****
Fax: 713-***-****
Mobile: 713-***-****
Email: abo8yn@r.postjobfree.com
Summary
Mr. Bayley, a Managing Director, is the founder of Accumyn
and serves as its President. He has served public and private
businesses, governmental entities, and law firms with auditing,
accounting, financial, and economic consulting services for
over twenty years. A primary focus of his practice is analysis
of damages, fraud and forensic accounting examinations,
preparation of expert reports and expert testimony regarding accounting disputes, financial and
economic claims, and valuation analysis.
His dispute consulting experience includes assisting in matters such as breach of contract, lost
profits, intellectual property infringement (patent, copyright, trademark, and trade dress
infringement), misappropriation of trade secrets, antitrust/anti-competitive analysis, business
interference/interruption, shareholder and partner disputes, lender liability, wrongful termination
and employment disputes, fraud and misrepresentation, funds tracing, and forensic accounting
investigations.
Mr. Bayley has provided expert testimony in matters involving financial disclosures, generally
accepted accounting principles, securities fraud, shareholder disputes, broker/dealer actions,
breach of fiduciary duty, failed mergers/acquisitions, intellectual property disputes, professional
malpractice, directors and officers claims, insurance fraud, and valuation of securities and
derivatives.
Most recently, Mr. Bayley was a Managing Director for the expert services firm LECG in Houston.
Previous positions include Partner-in-Charge of financial advisory services at BDO Seidman,
Managing Director with responsibilities for litigation consulting, forensic accounting and valuation
at KPMG, Senior Manager in dispute analysis and corporate recovery services at Price
Waterhouse, and Manager in audit and business advisory services for Arthur Andersen.
Education and Certifications
Mr. Bayley s academic background includes coursework in Economics, Corporate and Real
Estate Finance, Financial and Managerial Accounting, Corporate, Partnership, Individual,
Informational, Fiduciary, Estate and Gift Federal Taxation, and Statistics. He has considerable
Continuing Professional Education hours in Financial Accounting, Auditing, Federal Taxation,
Fraud Examination, Business Valuation and Business Information Systems.
Bachelor of Business Administration degree, Accounting, 1985
The University of Texas at Austin
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Certified Public Accountant (CPA), Licensed by the Texas State Board of Public
Accountancy
Accredited in Business Valuation (ABV) by the American Institute of Certified Public
Accountants
Member of the American Institute of Certified Public Accountants,
Texas Society of Certified Public Accountants, and
Houston Chapter of the TSCPA
Certified Fraud Examiner (CFE)
Member of the Association of Certified Fraud Examiners
Certified Valuation Analyst (CVA)
Member of the National Association of Certified Valuation Analysts
Member of the Licensing Executive Society
Selected Summaries of Engagements
Financial, Economic and Valuation Analysis:
Provided damages analysis, expert report and testimony in connection with an
alleged fraudulent inducement and breach of contract matter between a manufacturer of
portable, over-the-counter, electronic medical devices and a French-based European
distributor. Work performed included a forensic audit of international sales data, analysis
of out of pocket costs relating to marketing attempts in Central and Eastern European
countries, calculation of economic damages from original distribution agreement, and the
calculation of lost commissions under prevailing agreements.
Provided expert testimony regarding alleged breach of fiduciary duty by a major Wall
Street asset manager and quantified the resulting economic damages to a municipal
defined benefit pension plan. The assignment required forensic accounting, economic
analysis, and the application of valuation procedures. Work included the analysis of the
liquidity and risk characteristics of a portfolio containing over 400 securities during the
timeframe encompassing the collapse of the sub-prime residential mortgage-backed
securities market. Trading information required for the analysis was contained in over
1,200 spreadsheets and databases. Accumyn developed customized software to
efficiently extract and analyze the specific data needed to identify trades across multiple
funds by dates, issuances, types and ratings.
Provided expert report in connection with the forensic accounting and funds tracing
analysis performed pursuant to allegations of improper payments over a ten-year period
to two attorneys allegedly providing investment and cash management services to a high
net-worth individual. Analysis included a comprehensive review and compilation of
historical cash transactions out of the individual's tax free annuity account and into bank
accounts controlled by the attorneys. Work performed included the review of bank
statements, check registers, deposit slips, cancelled checks, general ledgers, journal
entries, and tax returns for various entities established by the attorneys. Damages
included the calculation of prejudgment interest using the Texas Finance Code and the
present value of future payments necessary to preserve assets potentially available for
recovery of damages.
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Provided expert report regarding the alleged negligence of a Tax Accountant and his firm
for failing to timely file an Estate s Form 706 Tax Return and the automatic 6-month
extension (Form 4768), resulting in an assessment of penalties and interest by the IRS.
Analysis included the recalculation of the IRS assessed Failure to File and Failure to Pay
penalties, including interest, with an appropriate credit for tax deductions reported by the
Estate on Form 706. Additional analysis included a but-for calculation of the IRS
assessment assuming the Accountant had properly notified the Estate s trustee of the
late filing. Work also included the identification of various rules violated by the
Accountant, including the rules of professional conduct issued by the Texas State Board
of Public Accountancy and professional tax standards issued by the American Institute of
Certified Public Accountants.
Analyzed damages and provided expert deposition testimony in connection with a claim
for lost profits resulting from a breach of contract between a major international chemical
manufacturer and a construction company on a project related to agreed upon piping and
mechanical work. Work performed included analysis of the construction company s
overall financial condition before, during and after the project.
Provided expert testimony regarding the availability and feasibility of obtaining financing
for the development of a collection of shallow water Gulf of Mexico oil and gas lease
assets. Determined, with reasonable certainty, that the likely future rates of returns
expected from developing such lease properties consistently exceeded the typical
investor hurdle rate in a variety of forward price scenarios. Validated and replicated the
economic and financial analysis and methodology of other third party analysts regarding
the financial valuation of the development of these lease properties. Work performed
included analyzing comparable acquisitions and investments proximate to the initial
funding of the lease asset development and at later times.
Provided damages analysis, expert reports and testimony in connection with the
redemption of an ownership interest in an independent oil and gas company, in which the
company operator allegedly induced the other interests to redeem their ownership at
below market value. Work performed included the analysis of the asset valuation that
was the basis for the redemption, as well as analyzing comparable sales proximate to the
redemption. Additional analysis included developing valuations for producing assets,
undeveloped acreage, and various midstream assets at various timeframes under rapidly
changing market conditions.
Prepared analysis of economic damages and provided expert testimony in connection
with an alleged breach of a long-term commercial lease between a prominent pediatric
hospital and its landlord pertaining to a delay in the construction of a suburban outpatient
clinic. Work performed included the analysis of additional construction costs resulting
from project interruption, lost profits resulting from a delay in completing a new diagnostic
imaging facility, economic damages associated with the lost use of exterior signage, rent
charged for office space not utilized during the period of delay.
Valued 100 percent equity interest of a financially-distressed private company operating
in the metal building frame manufacturing and design with $50 million in annual sales.
Valuation prepared for capital restructuring purposes utilizing the discounted cash flow
method, the public guideline companies method, and the comparable transaction
method.
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Provided expert report and testimony valuing damages as a result of claims based on
breach of contract, negligence, legal malpractice, breach of fiduciary duties, and other
causes of action due to two investors in and part owners of a haute couture company
who were forced out by the actions of counsel retained on behalf of the company and
owing duties to all owners, following settlement of a separate action against the majority
owner in the company. Analyzed the historical financial performance of the company in
light of the mechanics and economics of the high fashion industry and determined
appropriate valuation of the ownership interests at issue.
Provided analysis of damages related to claim by hospital against a medical building for
breach of a commercial office lease. Analyzed damages in light of contract documents
and real property restrictive covenants due to lost use of exterior signage, lost profits due
to construction delay, rent paid for unused space, increased rent, and additional out-of-
pocket costs relating to project interruption.
Provided arbitration testimony in connection with a claimed breach of contract to supply
10,000 metric tons of cold rolled coil steel by an international U.K.-based steel trader to a
Mexican steel trader. Performed forensic analysis of purchase orders and letter of credits
related to the trade at issue and assessed the market value of cold rolled steel in the
relevant period.
Prepared expert report and deposition testimony valuing the damages in connection with
an alleged breach of contract and tortious interference claim between a major radiology
practice and one of its contracted physicians regarding the provision of services to a third
party hospital. Analyzed historical financial results in connection with the hospital
services contract and determined appropriate valuation metrix based on a review of
guideline professional practices, clinics and medical facilities.
Prepared expert report based on an analysis of Loss of Production Income (LOPI) claim
by insured against underwriters related to a shut-in of production from deep water
offshore wells allegedly due to a record hurricane in the Gulf of Mexico. The wells were
in varying stages of production at the time of the hurricane. Analysis included individual
determination of LOPI for each well, depending upon insurance policy provisions, factual
circumstances, and stage of production. Work included obtaining information from third
party sources, including Mineral Management Services, regarding the dates that each
well was spudded, total depth was reached, and production was achieved. Also provided
economic analysis as to the commodity prices of oil and gas during the shut-in period as
compared to later periods when there were record prices for oil and gas.
Provided valuation analysis related to a claim of anti-competitive conduct and breach of
contract between a US publicly traded steel conglomerate and the leading Indian steel
manufacturer related to the sale of a major steel plate plant facility and an exclusive sales
representation agreement. Work included analysis of relevant market, projected sales
and costs, lost sales, incremental costs, and lost profits from alleged breach of exclusive
sales contract, and analysis of plant production capacity under various demand and step-
cost scenarios.
Provided expert testimony in deposition and during arbitration hearing in connection with
a dispute between two of the world s largest chemical companies regarding a world-scale
propylene oxide and styrene monomer petrochemical manufacturing facility. Analysis
included a fair market value expert opinion of a limited partnership interest in the entity
owning the plant, and the related ground lease, plant operating lease, and long-term
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take-and-pay supply agreement for styrene monomer. Valuation analysis included
consideration of the income, market, and cost approaches in conformance with
authoritative valuation standards, and preparation of detailed cash flow projections based
on global market conditions affecting the value of styrene monomer.
Provided valuation analysis, expert reports and testimony in connection with a
commercial real estate development venture in which the anchor tenant, a leading
grocery store, terminated its lease in high-end suburban community shopping center.
Work performed included the analysis of various budgets based on different development
scenarios, including net rentable square footage, lease rates, cap rates, and discounts
rates in various timeframes under deteriorating market conditions.
Provided valuation analysis, expert reports and testimony in connection with post-
acquisition dispute involving two of the world s leading health and fitness club operators.
Work performed included valuation of acquired assets, quantification of the effect of
seller s misrepresentation on the acquisition price, forensic analysis of damages from
failure to implement customer information and membership management software at club
locations nationwide, analysis of losses from prohibited sales and promotional activities in
time period leading up to the acquisition, and critique of other valuation expert reports.
Provided expert testimony in as NASD arbitration hearing in connection with the losses
and benefits associated with various tax-driven investment options. Analysis included the
projection of earnings and determination of an appropriate discount rate to compute the
net present value under various timing and tax rate assumptions. Work also included the
review of various underlying facts in the matter related to the alleged liability of the
defendant.
Provided valuation analysis and expert report in connection with a post-acquisition
dispute between two major manufacturers of kitchen counter solid surfaces. Work
performed included analysis and critique of valuation opinions before and after the asset
purchase agreement based on appropriate business valuation methodologies.
Engaged as the testifying expert and prepared expert report and analysis of financial
information on behalf a publicly traded real estate investment trust related to a dispute
with the company s former Chairman and CEO. Valuation analysis and forensic
accounting was performed in determining whether or not any amounts were owed by the
REIT under a contractual performance fee based, in part, on the appreciation in value of
the REIT s properties (primarily office buildings and warehouses). Also prepared critique
and analysis of other expert s opinions regarding valuation analysis and lost profit
calculations.
Analyzed financial benefits of various ownership structures of multiple real estate limited
partnerships holding residential and commercial real estate for sale and development.
Work included valuation analysis of partnerships, federal and state franchise tax planning
techniques, management fees and profits splits by partners.
Analyzed the feasibility of multiple proposed commercial real estate projects in
connection with a dispute between the developer and its joint venture partner. Work
included valuation of the projects based on various hypothetical financial structures,
lease term scenarios, inflation and ancillary income and cost assumptions.
Prepared expert report and provided expert testimony in connection with a claim for lost
profits in a dispute between a redeveloper of a large-scale downtown commercial office
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building and a major international financial institution regarding an alleged breach of an
oral agreement to provide additional financing. Work performed included valuation
analysis under various rent rates, tenant improvement allowance, and absorption
assumptions, an analysis of funding needs for tenant improvement allowances, leasing
commission costs, overall central business district demand for office space, and the
review and critique of retrospective appraisals under different scenarios.
Provided insurance claims consulting services to a financial institution that suffered
extensive property damage at over 50 branch locations, business interruption, and extra
expenses as a result of one of the worst hurricanes on record. Services included the
documentation and presentation of all claim components to the financial institution s
insurance carrier, identification of additional losses, determination of lost income,
preparation of advance requests and interim claims, and consultation regarding financial
disclosures and proper accounting under Generally Accepted Accounting Principles.
Provided expert testimony in connection with damages resulting from the alleged fraud,
misrepresentations, and breach of contract from the failure of a software vendor to
properly integrate a customer relationship management (CRM) system for a $2.5 billion
revenue provider of integrated enterprise communication services. Valuation analysis
included projected sales revenue and related costs savings lost from the failure to
complete the implementation. Also determined other additional hardware and software
license fees and out-of-pocket costs associated with the failed implementation.
Provided expert opinion regarding analysis of projected cost savings and reduction in
selling, general & administrative ( SG&A ) expenses, overhead, and other synergies
achieved in a post acquisition dispute between a leading publicly traded industrial valve
conglomerate and a manufacturer of industrial components. Analysis included
assessment of target post acquisition cost savings and synergies achieved based on
worldwide plant closures and labor consolidations.
Provided expert report and arbitration testimony regarding the losses suffered by a
shareholder and officer of a U.S. corporation due to the fraud and self-dealing of another
officer and shareholder of the same corporation in connection with various business
transactions in the Republic of Georgia and Belarus. Analysis included the determination
of profits from oil trading, currency trading and investing activities; comparison of inflation
rates and interest rates in various countries; and an analysis of currency exchange rates
over time.
Prepared valuation analysis in connection with allegedly fraudulent financial
misrepresentations made by the seller of a specialty retailer. Work included the review of
projected and actual earnings before interest, taxes, depreciation and amortization,
review of due diligence procedures and findings conducted pursuant to the acquisition,
and review of audit work papers pre- and post acquisition.
Provided expert analysis of financial information regarding the losses suffered by a
former shareholder/employee of a major optometry practice resulting from
mismanagement of the practice by a nationwide consolidator of medical practices. Work
included assisting in the buy-back negotiations resulting after the failure of the roll-up
transaction and assistance in the related bankruptcy proceeding.
Provided expert analysis of damages and named as testifying expert in dispute between
a financial consultant and a major insurance company regarding the tax status of
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insurance sales agents and the alleged systematic conversion of commission fees by the
insurance company over a 10 year period.
Prepared analysis and expert report regarding claim for projected lost income including
wages and fringe benefits resulting from the alleged wrongful termination of a corporate
jet aircraft pilot. Computation included the determination of the appropriate basis for
projecting wage increases over the remaining work life of the pilot.
Provided expert testimony in arbitration and related state court litigation in connection
with alleged improper financial reporting related to an off-balance sheet special purpose
entity ( SPE ) investment by a publicly-traded energy company. Analysis included a
detailed review of the flow of funds and effective control involving a series of companies
holding the ownership interest in an electrical power plant supplying one of the largest
electric cooperatives in the United States. The consolidation analysis included assessing
the cash flows, profitability, and the relative risks and rewards provided to the various
participants in the transaction in light of financing guarantees, a total return swap, and a
call option. Work performed in multi-stage litigation and FERC proceedings included
valuation of the power purchase agreement, a fair market valuation of the power plant,
solvency analysis, assessment of various acquisition and disposition options based on
historical financial performance of plant and holding entities and financial modeling to
assess provisions to cure an alleged breach of contract.
Provided expert report, deposition, and trial testimony in connection the interpretation of
US and Republic of China accounting standards related to disclosure of gain and loss
contingencies in a pricing dispute between a leading US producer of styrene monomer
and a related company in the Republic of China. Work performed included analysis of
damages, evaluation of economic motivation for alleged financial misrepresentations
related to various acquisitions and divestitures in the petrochemical industry.
Analyzed the impact of allegedly negligent professional tax advice provided by a Big Four
accounting firm to a large international travel agency consortium with respect to a
complex tax restructuring transaction. Work included analysis of the impact on debt
coverage ratios and violation of lender covenants, rationale for subsequent qualified audit
opinions, analysis of balance sheet contra-asset accounts, and the alleged effect on the
terms of the sale of the agencies located in the US and Europe, to a leading publicly
traded provider of travel services.
Provided expert analysis of accounting issues in connection with alleged breaches of
fiduciary duty on the part of the outside board of directors and accounting officers of one
of the world s former leading energy companies. Work included assisting counsel in
preparation for Congressional hearings and analysis of complex accounting and financial
statement disclosures related to mark-to-market accounting, special purpose entities
( SPEs ), off-balance sheet financing, FAS 125 and 140 asset securitizations, pre-pay
transactions, asset impairments, and use of complex derivatives in the wholesale and
retail energy services and broadband divisions.
Provided expert testimony regarding the use of off-balance sheet accounting by a major
publicly traded bank in a dispute between the bank and one of the world s largest energy
companies. The two companies had entered into a co-branding agreement for the
marketing of bank credit cards. Analysis centered on securitization, the financial and
economic implications of sales accounting under FAS 140 used by the bank in selling
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credit card receivables to a special purpose entity ( SPE ), and the permissibility of the
bank to subsequently sell the co-branded credit card portfolio to a competitor bank.
Developed various valuation models to quantify investment basis, trading profits and
losses, commissions and expenses, and the overall return on investment in a matter
alleging fraud, breach of fiduciary duty, and professional malpractice in connection with a
foreign currency trading firm with over 800 investors. The valuation models allowed the
various investors to be categorized related to criteria necessary for class-action status.
Work also included funds tracing and analysis of over twenty bank accounts to analyze
issues regarding kiting and embezzlement.
Prepared valuation analysis and expert report in connection with an alleged breach of
fiduciary duty claim involving multi-million dollar losses from hedging oil and gas
production with collar and swap derivatives. The claim also involved a shareholder
dispute involving the alleged failure to disclose subsequent gains realized in oil and gas
holdings by the remaining officers/shareholders after induced liquidations of shareholder
convertible and redeemable preferred stock of non-officer/shareholders. Work performed
included quantification of post-liquidation gains realized by the officers, valuation of
losses resulting from the use of collar and swap energy derivative instruments as
compared to using long put options, analysis of exposure to price and volume risk, review
of market premiums and extensive Black-Sholes option modeling.
Engaged as the testifying expert and prepared expert report and analysis of financial
information on behalf a publicly traded energy company related to a dispute with the
company s former CEO. The CEO claimed entitlement to additional company stock, and
the company alleged breach of fiduciary duty and fraud and sought disgorgement of
amounts paid to the CEO. Valuation analysis presented in the expert report quantified
the value of the stock options granted to the CEO over a five year period and critiqued
the CEO s interpretation of the bonus provisions of his employment contract.
Provided expert report and testimony in deposition and at trial in connection with certain
issues related to an SEC Reg S offering and sale of 1.5 million shares of stock for a
discount retailer. Analysis included a review and summary of the historical operating and
financial performance of the subject company and its industry, a comparison of the
company s actual operations to public financial disclosures subsequent to the offering,
quantification of the company s share price volatility, and the effect of certain
assumptions on the value of the Reg S shares.
Provided expert analysis of accounting issues in connection with alleged breaches of
fiduciary duty on the part of the outside board of directors and accounting officers of one
of the world s former leading energy companies. Work included assisting counsel in
preparation for Congressional hearings and analysis of complex accounting and financial
statement disclosures related to mark-to-market accounting, special purpose entities
( SPEs ), off-balance sheet financing, FAS 125 and 140 asset securitizations, pre-pay
transactions, asset impairments, and use of complex derivatives in the wholesale and
retail energy services and broadband divisions.
Analyzed business interruption losses in a dispute involving a major publicly traded oil
field services and equipment company and a drilling and exploration company regarding
the determination of damages that allegedly resulted from down-hole failures. Work
performed included analysis of lost profits, oil and gas activities, reserve and production
estimates, drilling interruptions, and restoration and recovery expenses.
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Provided expert report, deposition and trial testimony related to a dispute between a
developer of large-scale Class-A residential apartment projects and a subcontractor
regarding a construction delay claim and breach of contract for the development of a
major 600 unit apartment project. Work performed included quantification of critical path
delays, valuation analysis based on the income approach, lost profits analysis based on a
delay of apartment rentals and different absorption rates, material and labor cost
escalations, unabsorbed home office overhead, and remediation expenses.
Provided expert report and deposition testimony in connection with a dispute involving
alleged defamation, tortuous interference with contract, and business disparagement
between two competing solid waste management operations in Texas. Analyzed
profitability and incremental costs associated with waste management activities.
Prepared expert report regarding the remediation losses experienced by a large
municipal entity resulting from defective polybutylene water pipe installed in over 25,000
locations in Texas. Analysis included the determination of excess repairs and related
repair costs resulting from underground water pipe failures for approximately ten years.
The repair costs were prepared based on a detailed review of all procedures, personnel,
and equipment required to perform a repair with reference to standard costs in the
industry, and actual cost data available in this matter.
Engaged as the testifying expert in certain environmental contamination matters. Work
included the critique of the valuation and analysis of opposing experts, identification of
the methodology employed, required assumptions, and basis for conclusions, and
alternative approaches.
Prepared a detailed analysis quantifying the damages resulting from the use of an
allegedly defective resin used to manufacture a plastic product. Analysis included the
consideration of additional costs and lost profits associated with disruptions in the
manufacturing process, lost sales and impairment of goodwill.
Analyzed the retroactive tax impact resulting from forced conversions of stock options
provided to a group of employees of a leading publicly traded medical device company.
Work included the review of IRC provisions for qualified stock options and an evaluation
of overall company stock option plan provisions in light of federal tax rules and standard
industry practices.
Analyzed damages, prepared expert report, and provided expert deposition testimony in
connection with a breach of a non-compete agreement and tortious interference with a
professional services agreement relating to a radiology clinic practice. Work performed
included analysis of lost revenues under the lost contract and using comparative analysis
to determine the appropriate value for the stream of lost revenues.
Provided expert testimony in connection with a claimed breach of contract to supply
10,000 metric tons of cold rolled coil steel by an international U.K.-based steel trader to a
Mexican steel trader. Performed forensic analysis of purchase orders and letter of credits
related to the trade at issue and assessed the market value of cold rolled coil steel in the
relevant period. Prepared an evaluation and critique of other claimed damage amounts
such as cancelled orders and claimed loss of prospective trading opportunities. The
analysis included: a determination of relevant shipping, wharfage, taxes, and other
miscellaneous costs in the U.S. and Mexico; a determination of the steel specifications to
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ensure comparability; and, an analytical comparison of the terms and conditions
mentioned in the purchase order and accompanying letters of credit.
Analyzed damages, prepared expert report, and provided expert deposition testimony in
connection with a breach of a preferred stock subscription agreement related to a series
of large scale corporate mergers and acquisitions contemplated by several public
companies in the waste and water industries. Work performed included analysis of
additional expenditures, lost profits and effect of dilution on stock prices.
Prepared expert report regarding a claim for lost profits resulting from a breach of
contract between a major international chemical manufacturer and an oil tank recovery
company related to a dispute involving the recovery of crude from idle tanks.
Analyzed the contractual provisions of a stock purchase agreement related to a breach of
contract lawsuit and related claims. Work performed included the review of minimum
working capital provisions, excess costs incurred related to a RCRA Part B permit and
unreserved liabilities. Analyzed related post acquisition transactions between the buyer
and seller which supported a claim of fraud and price manipulation.
Provided expert report and financial analysis related to a dispute between a developer of
medical facilities and a large group of physicians regarding an alleged breach of contract
for the development of a major diagnostic clinic facility. Work performed included analysis
of lost profits and construction delay.
Provided expert report and arbitration testimony related to a dispute between a
commercial real estate developer and a publicly traded REIT regarding an alleged breach
of contract for the development of a first class, 1,000 room, multi-story convention-
oriented hotel and related improvements. Work performed included valuation analysis
based on income approach using hotel revenue projections and the related tax incentives
and abatements to be provided by state and municipalities, and the analysis of financing
options available given general market conditions and specific industry economics.
Provided expert report, deposition, and trial testimony in connection with the
determination of damages including investments, expenditures, commitments, and lost
profits that resulted from the termination of an exclusive agreement to distribute medical
diagnostic products in Spain and Portugal.
Analyzed losses resulting from the termination of an agent relationship between an
independent insurance agent and property and casualty underwriter. Work performed
included a valuation of the book of business attributable to the underwriter using various
approaches, analysis of excess costs incurred in anticipation of the continuing
relationship and the quantification of lost business opportunities.
Engaged as the testifying expert and provided expert analysis of financial information
related to a dispute between an on-line financial services company and an investment
banker regarding equity and debt financing contractual provisions.
Engaged as the testifying expert and provided expert analysis of financial information
related to a dispute between a publicly traded international agricultural products company
and a former CEO regarding the ownership of a foreign subsidiary.
Prepared valuation analysis, damage computation and expert report regarding a
contemplated acquisition of a network equipment company by a publicly traded internet
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and communications service provider, and a claim of breach of contract after the
acquisition failed to be consummated.
Reviewed the damage claims of an offshore work boat company related to allegations of
improper tax accounting advice. Analysis included the financial and historical
performance of the work boat company, along with various economic and industry factors
affecting its performance. The analysis also included a review of the financial impact
resulting from the tax advisory services at issue and a sensitivity analysis of the
hypothetical impact of various other tax positions.
Analyzed the separate income and expenses of a high net worth individual over a ten-
year period using joint tax returns and personal financial statements. Prepared various
financial models based on assumptions related to interest rates, investment yields and
anticipated expenses.
Analyzed the alleged lost profits related to the cancellation of a contract to lease two
hundred automobiles to a federal agency.
Coordinated the design and implementation of a Clipper-based tracking system to assist
a large life insurance company to respond within tight deadlines of investigations being
conducted by various state insurance commissioners into alleged improper selling
practices. The system allowed detailed information to be provided to the state insurance
commissioner in a variety of ways. The system was also used to manage the complaint
review process and workflow by the company. Work performed also included reviewing
and summarizing of complaint files, advising the company on improving project
efficiencies and acting as a liaison with the company s outside attorneys.
Personal Injury and Wrongful Death:
Provided expert report and testimony regarding a federal employee s lost earnings
capacity and related fringe benefits, and other pecuniary damages in connection with
severe injuries resulting from an auto pedestrian accident. The testimony of a medical
expert established that the injuries hastened a pre-existing kidney disease requiring
premature kidney transplantation and reducing the individual s life expectancy. Analysis
included the use of an age earnings profile to establish pre-injury earnings capacity as
compared to post-injury earnings; a determination of employer costs for applicable fringe
benefits; consideration of the effect of taxes on the lost earnings, expected growth in
wages and medical costs.
Provided expert report and testimony regarding an individual s lost earnings in a personal
injury dispute in which a college student injured in a motor vehicle collision alleged lost
earnings as a result of his inability to complete his degree program. Analysis included a
review of entry level wages for the degree program in which he was enrolled in the
geographic region in which he expected to reside after graduation, a determination of lost
fringe benefits and retirement benefits, and a determination of applicable taxes on those
lost earnings over time. Analysis also included expected growth in wages based on an
application of a wage earning profile derived from census data and expected growth
related to inflation.
Prepared analysis of lost future earnings capacity, prepared critique of another expert s
analysis and opinions, and provided expert testimony regarding economic damages
related to injuries suffered by an instrument control technician. Analysis included a
determination of actual historical earnings as an independent contractor and employee of
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numerous refinery and petrochemical companies in various countries, a determination of
average earnings based on published statistics for similar job functions, and a
determination of future earnings capacity.
Provided expert report and testimony regarding an individual s lost earnings in a personal
injury dispute. The individual s injuries allegedly prevented him from operating and
expanding a real estate development and general contracting business for a number of
years. Lost earnings were determined by analysis of the historical performance of the
business in reasonable expectation for growth based on key customer contacts and
market conditions.
Provided expert testimony regarding the loss of support and related pecuniary damages
in connection with the accidental death of a massage therapist/graphic designer.
Damages included losses associated with the decedent s earning capacity and related
fringe benefits through her remaining expected work life discounted to present value, loss
of household services, and analysis regarding the loss of nurture, guidance, and counsel.
Prepared expert analysis and report for lost support in an alleged wrongful death claim
involving the drowning of an employee of the General Services Administration in an off-
shore boating accident. Damages analysis was performed under the provisions of the
Death on the High Seas Act.
Prepared expert report regarding economic losses of surviving spouse and dependents
resulting from lost wages, lost fringe benefits, and lost household services provided by
deceased agronomist in a wrongful death claim.
Forensic Accounting and Business Interruption:
Provided expert forensic accounting, funds tracing, and valuation analysis to a high net-
worth professional athlete in connection with the investment and cash management
services performed by the athlete s former business manager. Analysis included a
comprehensive review and compilation of historical cash transactions, the determination
of rates of return earned on various real estate investments, and a detailed analysis of
the cost and related tax benefits associated with the ownership and use of a private jet
aircraft.
Investigated allegedly fraudulent transactions between a trustee/general partner and
related entities for a group of beneficiaries and limited partners related to trusts and
partnerships with extensive real estate holdings and oil and gas interests in various
states.
Analyzed business interruption claims resulting from a massive oil spill in Alaska. Work
included the analysis of historical and projected market share of salmon canneries, sales
revenue, operating costs, additional expenses and mitigation. Advised the client on
settlement options and participated in settlement negotiations.
Provided expert report in connection with the forensic accounting and valuation analysis
performed pursuant to allegations of improper payments to shareholders over a four-year
period subsequent to the sale of a $57 million gas storage facility.
Reviewed and critiqued an insurance claim related to employee fraud in connection with
a major work over of an oil and gas production platform. Work included an assessment of
the various alleged schemes, analysis of the insured s methodology, review of
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documents purporting to support claim, investigation of additional issues and facts, and
recommendations regarding findings.
Reviewed and critiqued a claim submitted by a hospital to its insurance carrier under its
policy provisions for employee dishonesty. Work included the analysis of the
methodology and support for the claimed loss and interviews of persons with potential
knowledge of the facts of the case. Recommendations made to the insurance carrier
resulted in a reduction of the claim.
Provided expert testimony at trial in connection with the analysis of the damage claims of
a real estate developer in a lender liability lawsuit. Work included the review and critique
of the borrower s historical and projected financial performance and an analysis of the
sources and uses of cash.
Performed forensic analysis of multiple year s accounting ledgers and underlying support
in connection with a claim for losses resulting from a false billing scheme orchestrated by
the general director of the Italian subsidiary of a large US oil field services company.
Work performed including the evaluation of potential liability to customers and related
quantification for financial disclosure.
Directed forensic accounting of losses stemming from a failure to remove crude waste
from storage tanks in a dispute between a leading oil and gas producer and an oil
services contractor. Work performed included quantification of excess costs incurred in
connection hazardous waste removal, forensic examination of daily logs and analysis of
provider records.
Quantified business interruption losses, repair and replacement costs on behalf of a
publicly traded REIT stemming from a major fire occurring during the development and
construction of a major apartment complex in Ybor City, Florida. Work included
quantifying property damage and remediation costs as well as lost rents, additional
expenses and out-of-pocket costs during the delay in reconstruction.
Assisted an international company in investigating alleged bribes and kickbacks paid to
its shipping clerk in return for business. Work included interviewing persons
knowledgeable with the facts at issue and advising the company on possible alternatives
for resolution.
Responsible for investigating allegations regarding over billing and contract abuses by a
vendor providing repair and maintenance services to a large municipal entity. Work
included the determination of specific overcharges on a sample basis and a calculation of
total potential overcharges in the population.
Analyzed insurance claim involving employee collusion related to embezzlement from a
major soft drink company.
Prepared expert report in connection with the analysis of the business interruption losses
and repair and construction costs for a 400-unit residential apartment complex in south
Florida that was destroyed by a hurricane.
Investigated allegedly fraudulent transactions between a governmental entity and
subcontractor. Work included the analysis of numerous invoices, sales registers, check
registers and inventory records to quantify the amount of over-billing. Also analyzed the
internal control structure of the subcontractor and governmental entity, identifying
strengths and weaknesses related to the allegations.
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Intellectual Property/Antitrust:
Provided expert testimony regarding a reasonable royalty in connection with the alleged
infringement of a patent by a Taiwanese manufacturer of notebook computers. The
patent at issue owned by a Korean multinational involved a method of implementing
certain keyboard functionality in the notebook computer. Analysis included quantification
of the alleged royalty base by model over time, analysis of profitability and incremental
production costs, and determination of a reasonable royalty under US statute and case
precedent. The royalty was analyzed in part based on the relative bargaining positions of
the parties in the assumed royalty negotiation, economic analysis of the relevant market,
and a detailed analysis of pricing and costs based on component changes in notebook
computer models over time.
Provided expert report and testimony regarding damages in connection with the
infringement of a registered trademark by a leading international personal computer
manufacturer. The alleged infringer had used the trademark to promote sales of personal
computers. Damages were analyzed based on a reasonable royalty methodology, with
attention given, among other factors, to the relative positions of the owner and infringer,
the use made of the trademark by the owner and infringer, and rates paid for licensing
the use of similar trademarks.
Provided valuation analysis and expert report in connection with a dispute between the
Australian Taxation Office and investors in a natural gas engine technology. The subject
technology is an electronic fuel injection and engine control system, which enables both
turbocharged and naturally aspirated heavy-duty engines to run on compressed natural
gas. Work included analysis of Australian, Canadian and US market sizes, working
capital requirements and start-up costs to penetrate new markets, analysis of reasonable
royalties and discounted cash flow modeling.
Prepared lost profits and reasonable royalty analysis and expert report in connection with
alleged infringement of patents and trademarks for screening devices used in the solids
control industry on a world-wide basis in land and offshore drilling applications. Litigation
was between a publicly traded oil field services and equipment conglomerate and a
competitor company. Analysis included determination of defendant s profits, patentees
lost profits, convoyed sales and a reasonable royalty related to allegedly infringing sales
of various models.
Prepared projections of sales and incremental costs in connection with the alleged
misappropriation of trade secrets and highly confidential information of a publicly traded
company engaged in the design, engineering, procurement and supply of platformer and
reboiler furnaces used in major oil refineries. Damages were determined based on the
quantification of lost profits and the value loss of market share, lost clients, and loss of
business goodwill as well as a consideration of a reasonable royalty and the value of
proprietary methodologies for estimating, bidding, costing, and pricing.
Prepared valuation analysis, expert report and testimony regarding the lost profits of a
publicly traded software company resulting from the alleged anti-competitive conduct of
another publicly traded software company. Analysis included the determination of but
for and actual sales, the review of competitive factors and other companies in the
relevant market, incremental costs, and present value calculations. Also provided expert
testimony in connection with damages resulting from the alleged misappropriation of
trade secrets under various valuation approaches. Work included the critique of another
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expert s report in which critical assumptions were identified and tested against facts and
other information.
Prepared valuation analysis and expert report in connection with an alleged copyright
infringement claim in the apparel industry. Valuation analysis included the determination
of estimated projected sales, incremental costs, and total profits on certain styles. Also
analyzed profits attributable to various elements of the product such as garment, brand
name, logo and hang tags, and other designs and artwork, and researched typical
industry practices.
Provided reasonable royalty analysis and expert report, and testified, in a patent
infringement matter regarding the alleged infringer of an airframe design patent. The
feature was a unique double-paned window used on corporate jet aircraft. Reasonable
royalty amounts were developed using various existing rates and a hypothetical royalty
negotiation approach.
Prepared projections of sales and related incremental costs, analysis of damages, and
expert report in connection with a claim for alleged theft of trade secrets, solicitation of
core marketing executives and resulting loss of business between two leading
commercial insurance brokerage firms. Work performed included a projection of lost
sales, valuation of the business lost, analysis of compensation costs incurred to retain
existing employees, and the losses attributable to the misappropriation of trade secrets
and confidential information.
Prepared valuation analysis and named as testifying expert in dispute between former
shareholders of restaurant chain. Work includes the valuation and analysis related to the
trade name, trademarks and trade dress of a restaurant chain. Methodology included the
relief from royalty approach.
Analyzed the projected sales, costs, and profitability of a patented gas sweetening
process in a patent infringement litigation matter. Work performed included the
comparison of profits from the patent in suit to average overall profits of the patentee,
alleged infringer and industry, quantification of market size and penetration by the
patentee and alleged infringer, customer overlap and industry license practices.
Analyzed the value of increased capacity and cost savings associated with the use of a
utility patent in the manufacture of acetic acid. Work performed included the quantification
of increased capacity and related sales, cost savings, and impact on product value
attributable to the patent.
Analyzed the value of lost sales and the related incremental expenses and profits, and
prepared expert report, and provided expert testimony, regarding the damages of a large
oil field services company resulting from the alleged misappropriation of trade secrets.
Damages were determined based on the quantification of lost sales revenue minus
incremental costs related to the misappropriated trade secrets. Work also included the
critique and analysis of another expert s quantification of lost profits resulting from a
counter-claim of tortuous interference.
Analyzed the lost sales associated with the infringement of a patented directional drilling
process. Work included the design and creation of a database that provided various
information in proving market overlap and convoyed sales.
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Provided analysis of lost profits and the value of business lost in connection an alleged
misappropriation of trade secrets claim by a major insurance company against a former
exclusive sales agent.
Corporate Recovery Services:
Provided expert analysis and consultation to secured creditor regarding accounting and
financial issues of a debtor in possession, the manufacturer of heavy equipment
designed for commercial use. Analysis included a determination of gross profit margins
pre and post petition, cash flow analysis, and a review of the debtor s use of percentage
of completion accounting methodology.
Engaged as the testifying expert to evaluate amounts owing by the guarantor of certain
equipment leases in connection with the insolvency of the largest liquor distributor in
Texas.
Provided financial and accounting consulting services related to the financial restructuring
of an importer and distributor.
Assisted the creditors of a convenience store chain in analyzing the solvency of the
debtor prior to filing Chapter 11 bankruptcy in connection with a fraudulent conveyance
action.
Assisted a manufacturer in the valuation of various business segments, and with the
design, implementation and monitoring of weekly flash reports in connection with a
financial reorganization. Assisted in the preparation of liquidation analyses, preparation of
cash flows and budgets, and strategic business consulting.
Analyzed the financial condition, mar, lost
profits, intellectual property infringement (patent, copyright, trademark, and trade dress
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