Expert Details
Satellite and Telecom Valuation
ID: 736789
New York, USA
His projects include leading support of the U.S. Department of Justice’s Antitrust division’s review of the proposed T-Mobile/Sprint merger. Expert’s involvement with a wide breadth of companies has allowed him to develop a deep understanding of a range of media and telecom issues and the complex web of relationships underlying the sector’s competitive dynamics and associated regulatory matters. In addition, his legal background allows him to understand the heavily regulated telecom sector. Finally, Expert’s legal background allows him to quickly digest legal documents and identify industry issues likely to be most relevant to the legal team he supports during litigation support assignments.
Before founding his group, Expert led the satellite industry research teams for Banc of America Securities and Solomon Smith Barney, covering the wireless tower industry. He earned numerous honors as a research analyst, including the Institutional Investor “All American” team three times and the Wall Street Journal “All-Star” team.
- Expert in the telecommunications, media, and satellite industries, including a range of wireless telecommunications and broadband topics. Expert skills include financial analysis, business strategy analysis, market analysis, and valuation—additional expertise in equity research processes and related corporate governance issues.
- Deep understanding of market growth trends and the complex relationships underlying the competitive dynamics of the communications sector.
- Unique blend of 20 years of experience in equity research (former top-ranked sell-side analyst),
investment banking, and consulting.
- Experience in financing and M&A transactions, as well as dozens of financial valuation, strategy analyses, and business development projects.
Education
| Year | Degree | Subject | Institution |
|---|---|---|---|
| Year: 2011 | Degree: Juris Doctor; Cum Laude | Subject: Law | Institution: Pritzker School of Law, Northwestern University |
| Year: 2009 | Degree: Master of Arts | Subject: Modern European Studies | Institution: Columbia University |
| Year: 1995 | Degree: Master of Business Administration | Subject: Finance and Marketing | Institution: Kellogg School of Management, Northwestern University |
| Year: 1989 | Degree: Bachelor of Arts | Subject: Sociology (with honors) (significant coursework in Economics and Mathematics) | Institution: University of Chicago |
Work History
| Years | Employer | Title | Department |
|---|---|---|---|
| Years: 2007 to Present | Employer: Undisclosed | Title: Founder/President | Department: |
Responsibilities:Conduct valuation, strategic advisory, and custom research assignments within the satellite, media, and telecommunications industries.- Projects include investment analysis for institutional investors, transaction support for corporate clients, and litigation support/expert witness testimony for major law firms. |
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| Years | Employer | Title | Department |
| Years: 2014 to 2015 | Employer: Goldin Associates, LLC | Title: Managing Director | Department: |
Responsibilities:Conduct valuation, strategic advisory, custom research assignments, and litigation support within the communications sector. |
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| Years | Employer | Title | Department |
| Years: 2003 to 2007 | Employer: Near Earth, LLC | Title: President and Partner | Department: |
Responsibilities:Built into a leading boutique investment bank focused on serving companies and investors in the satellite, media, and telecommunications industries.- Provided M&A, capital raising, and valuation-related consulting services in over a dozen assignments ranging from seed capital funding to a $1.4B acquisition by a Fortune 50 company. |
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| Years | Employer | Title | Department |
| Years: 2001 to 2003 | Employer: Salomon Smith Barney (CitiGroup Securities) | Title: Director-Senior Satellite and Wireless Tower Industry Analyst | Department: |
Responsibilities:Headed a five-person equity research team covering the satellite communications and wireless tower industries.- Provided institutional investors with research and valuation analysis. - Institutional Investor "All American" ranking (2001 and 2002). - Ranked at or near the top of other significant equity surveys research analysts. |
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| Years | Employer | Title | Department |
| Years: 1999 to 2001 | Employer: Banc of America Securities | Title: Managing Director- Senior Satellite Communications Industry Analyst | Department: |
Responsibilities:Headed a five-person equity research team covering the satellite communication industry.- Institutional Investor "All American" #3 Ranking; #1 by Greenwich Associates survey of institutional investors; Wall Street Journal "Best on the Street" ranking for stock picking. - Supported origination of over $3.0B of investment banking financing mandates. |
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| Years | Employer | Title | Department |
| Years: 1998 to 1999 | Employer: C.E. Unterberg, Towbin | Title: Senior Analyst | Department: Satellite Communications Industry |
Responsibilities:Headed a four-person equity research team covering the satellite communications industry.- Conducted primary research on 11 companies. - Published industry/company strategic outlooks, created financial models and earnings forecasts, and conducted valuations of companies. - Supported origination and execution of over $1.0B of financing transactions. |
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| Years | Employer | Title | Department |
| Years: 1997 to 1998 | Employer: Merrill Lynch & Co | Title: Industry Analyst | Department: Satellite Communications Industry |
Responsibilities:Assisted senior analyst in initiating and maintaining financial research coverage on 11 companies in the satellite communications industry. |
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| Years | Employer | Title | Department |
| Years: 1996 to 1997 | Employer: Nesbitt Burns | Title: Associate | Department: |
Responsibilities:Investment Banking |
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| Years | Employer | Title | Department |
| Years: 1995 to 1995 | Employer: PaineWebber | Title: Associate | Department: |
Responsibilities:Investment banking.Member of corporate finance generalist teams. Assisted in executing a variety of public and private market corporate finance transactions. |
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International Experience
| Years | Country / Region | Summary |
|---|---|---|
| Years: 2011 to 2011 | Country / Region: France | Summary: Spent semester studying law at Sciences Po in Paris. |
Career Accomplishments
| Associations / Societies |
|---|
| * American Bankruptcy Institute * American Society of Appraisers * Expert Institute Board Membership: Riverside Symphony (2008-2011); The Foucault Society (2004-2009); Atelier86 (2015 – present) |
| Licenses / Certifications |
|---|
| Chartered Financial Analyst (Expert) Accredited Member (American Society of Appraisers) Credentials: Admitted to New York State Bar; Federal Communications Bar Association; Chartered Financial Analyst (Expert); Holder (until 2009) of Series 7 (general securities agent), Series 63 (securities agent state law) and Series 24 (securities firm principal) designations. Completed business valuation and intangible asset curriculum of the American Society of Appraisers. Passed national exam on the Uniform Standards of Professional Appraisal Practice (USPAP). |
| Professional Appointments |
|---|
| * The Expert Institute and New York Society of Security Analysts: Chair of Corporate Governance Committee, vice-chair. * Federal Communications Bar Association: Co-chair of New York chapter. * American Society of Appraisers: Board member of New York chapter. |
| Awards / Recognition |
|---|
| * Institutional Investor "All-Star" Research Team, Satellite Communications (3 years) * #1 Satellite Research Team, Greenwich Survey |
| Publications and Patents Summary |
|---|
| Academic Publications/Books/White Papers: 7 Periodical Contributions: 9 Author or co-author of law review articles related to the telecom sector: 4 Industry speaking engagements (since 2008): 46 |
Additional Experience
| Expert Witness Experience |
|---|
| * Matter: Wireless telecom industry dispute. * Law Firm: Undisclosed. * Disposition: Ongoing. * Matter: Dispute-related spectrum license lease. * Role: Submitted expert valuation report, deposition scheduled. * Law Firm: undisclosed * Disposition: Ongoing. * Matter: Dispute related to the sale of satellite assets to a related party. * Role: Submitted expert valuation report. * Law Firm: undisclosed * Disposition: Settled prior to trial. Undisclosed Matter (2020). International Venue * Matter: Dispute related to the respective rights of partners in a satellite venture. * Role: Provided expert reports related to the costs and value of the proposed venture. * Law Firm: undisclosed * Disposition: Settled prior to trial. Arbitration Proceeding * Matter: Dispute arising from breach of contract claim related to a roaming agreement and its renewal term. * Role: Supported colleague in conducting research, drafting an expert report, and in preparation for testifying in the arbitration hearing. * Law Firm: undisclosed * Disposition: Arbitration ruling in favor of Plaintiff. International Court of Arbitration * Matter: Dispute arising from breach of contract claim related to satellite capacity distribution agreement. * Role: Valuation report, deposition, and testimony for defendant in the arbitration proceeding. * Law Firm: undisclosed * Disposition: Arbitration ruling in favor of Defendant. * Matter: Dispute arising from the buy-out of minority partners in specific geographic territories. * Role: Industry expert report; deposition, and trial testimony. *Law Firm: undisclosed * Disposition: Court ruling pending. Merger Review (2019) * Matter: U.S. Department of Justice’s antitrust review of the proposed merger. * Role: Provided U.S. Department of Justice with financial and wireless analysis. * Law Firm: undisclosed * Disposition: Settled prior to litigation. * Matter: Dispute arising from breach of contract claim related to satellite capacity distribution agreement. * Role: Valuation report and deposition for Defendant in damages adjustment phase of the arbitration proceeding. * Law Firm: undisclosed * Disposition: Settled prior to arbitration. * Matter: Dispute arising from failure of a partnership seeking to pursue an in-orbit satellite servicing business. * Role: Valuation report, deposition, and trial testimony for Defendant. * Law Firm: undisclosed * Disposition: Jury damages award consistent with valuation testimony. * Matter: Dispute arising from failure of a partnership seeking to pursue earth observation/remote sensing satellite business. * Role: Valuation expert for the defendant. * Law Firm: undisclosed * Disposition: Summary judgment granted in favor of Defendant. * Matter: Bankruptcy-related dispute arising from prepetition asset transfer. * Role: Valuation expert for shares in an entity whose primary assets are FCC spectrum licenses. * Law Firm: undisclosed * Disposition: Settled prior to trial. * Matter: Partnership dispute related to payout after the sale of partnership assets primarily consisting of FCC spectrum licenses. * Role: Valuation expert in connection with the plaintiff’s suit for court-appointed receivership of spectrum assets; expert support in connection with separate arbitration related to spectrum asset value and analysis of transaction records, and testified in the parallel arbitration process. * Law Firm: undisclosed * Disposition: Arbitration award in favor of Plaintiff. 2016 * Matter: Shareholder dispute related to a shareholder’s veto rights of management’s preferred method of participating in an FCC auction. * Role: Expert support related to expected receipts to certain broadcasters for tendering their spectrum in the reverse portion of the FCC broadcast incentive auction; defended written testimony in a deposition. * Law Firm: undisclosed * Disposition: Settled prior to trial. 2016 * Matter: Partnership dispute related to a satellite project in Turkmenistan. * Role: Expert valuation report and trial testimony related to the value of orbital rights. * Law Firms: undisclosed * Disposition: $22 million jury verdict in favor of Plaintiff. The verdict was within the valuation range in the expert valuation report. 2016 * Matter: Dispute of fiduciary responsibility of a municipality. * Role: Post-trial litigation support related to the valuation of a broadband network and other economic damages analysis. * Law Firm: undisclosed * Disposition: Decision in favor of the Defendant 2013 * Matter: Intellectual property violation dispute. * Role: Consulting expert related to wireless broadband market and economic damages analysis. * Law Firm: undisclosed * Disposition: Post-trial settlement. 2012 * Matter: Partnership dispute related to payout after the sale of partnership assets primarily consisting of FCC spectrum licenses in the 2.5 GHz band. * Role: Litigation support related to asset value and analysis of transaction records. * Law Firm: undisclosed * Disposition: Settled prior to trial while preparing the expert report. 2012 * Matter: Criminal insider trading case against hedge fund investment professionals. * Role: Litigation support on industry standards for investment research professionals, investment research processes, terminology, and related industry issues * Law Firms: undisclosed * Disposition: Defendant Horvath resolved the matter prior to trial. 2007 * Matter: Federal arbitration over royalty rate-setting for music royalties paid by satellite radio companies. * Role: Expert witness for both radio companies (prior to their 2008 merger); prepared expert witness report analyzing the impact of various royalty rates on the business models of the two satellite radio companies and on the relative value of certain content to the companies; the project involved extensive financial modeling and detailed written testimony; defended written testimony in deposition and testified before the three-arbitrator arbitration panel. * Law Firms: undisclosed * Disposition: Report and testimony credited in disposition by panel favorable to the client. 2004 * Matter: Contract dispute arising out of alleged post-merger obligations. * Role: Provided expert report centering on the valuation of an orbital slot and its viability for development; defended expert opinion in the deposition. * Law Firm: undisclosed * Disposition: Summary judgment granted in favor of Defendant. |
| Training / Seminars |
|---|
| Taught two-day "Introduction to Satellite Finance" seminar (twice). |
Language Skills
| Language | Proficiency |
|---|---|
| French | Basic working proficiency. |