Selected cases

For cement manufacturing company in stockholder dispute, PSA reconciled $43,000,000 difference in opposing sides’ estimates of value. Using opposing expert’s discounted cash flow model PSA demonstrated that, if expert had used more reasonable assumptions, value estimates would have been the same. Presentation reduced complex analysis to key, comprehensible points, explaining to arbitrators why company’s valuation was correct. Result was complete victory for client.

For multi-dealership auto retail company PSA estimated ability to pay in leveraged buyout. PSA created financial model of company, ran simulations based on historical industry sales patterns, and estimated probabilities of default under varying levels of debt service. PSA’s recommendations provided basis for structure and payment terms of buyout agreement.

For shareholder of company sponsoring hi-tech conventions, being sued for $40,000,000 underpayment in private sale of stock, PSA performed exhaustive research of professional standards and literature, demonstrating that plaintiff's expert's methodology was not consistent with accepted valuation practice. Jury awarded plaintiff zero.

For white-collar crime defendant, in sentencing proceedings following guilty plea for fraud, PSA estimated loss to company and developed methodology for allocating responsibility for loss among culpable parties. Dr. Saunders' testimony demonstrated minimal responsibility on part of defendant and led to reduced sentence.

Publication

Civil Penalties and the Economic Benefits of Noncompliance: A Better Alternative for Attorneys Than EPA's BEN Model, Environmental Law Reporter.