ACADEMIC EXPERIENCE

University of San Francisco

BUSINESS  EXPERIENCE

Expert Witness Experience (1999 to present)

2019  Expert witness on standard of care and custom and practice for underwriter due diligence related to a $300+ million common equity offering in 2013 by a publicly traded biopharmaceutical company; plaintiff side; DIETRICH SIBEN THORPE; expert report prepared.

2019  Expert witness on standard of care and custom and practice for issuer due diligence related to two 2007-08 preferred equity offerings totaling $2.5+ billion during the global financial crisis by an international financial institution holding positions in tens of billions of dollars of troubled mortgage-related securities and associated ineffective hedges; plaintiff side; ROBBINS GELLER and GLANCY PRONGAY & MURRAY; expert report prepared. 

2019  Expert witness on standard of care and custom and practice for underwriter due diligence related to two 2007-08 preferred equity offerings totaling $2.5+ billion during the global financial crisis by an international financial institution holding positions in tens of billions of dollars of troubled mortgage-related securities and associated ineffective hedges; plaintiff side; ROBBINS GELLER and GLANCY PRONGAY & MURRAY; expert report prepared. 

2019  Expert witness on corporate governance, including standard of care and custom and practice for Boards of Directors in reviewing and approving Board-level actions, including the upstreaming of cash from an operating subsidiary to its parent company.  The case involved a dispute between the residents and corporate owner of a continuing care retirement community; plaintiff side; COTCHETT, PITRE & MCCARTHY; rebuttal report prepared.

2018  Expert witness on custom and practice of venture capital firms and funds related to solicitation of limited partners and identifying and diligencing potential portfolio company investments.  The case involved a dispute between the general partner and sole limited partner in a proposed $400 million venture capital fund; claimant side in arbitration proceeding; MORRISON & FOERSTER; rebuttal report prepared, deposition testimony given.

2018  Expert witness on standard of care and custom and practice regarding buyer due diligence in a tuck-in technology acquisition in Turkey; defendant side; HUESTON HENNIGAN; expert report prepared, rebuttal report prepared, deposition testimony given.

2018  Expert witness on customary practices in private equity business, buyer due diligence in M&A transactions, seller custom and practice in an LBO auction sale process and issuer custom and practice in a debt securities offering. The case involved a failed $500.0+ million LBO acquisition of a healthcare services company by a private equity firm; defendant side; KEKER VAN NEST & PETERS, WINSTON & STRAWN and REED SMITH; expert report prepared; rebuttal report prepared; deposition testimony given.

2017  Expert witness on M&A and IPO exit transactions for VC-backed technology companies. The case involved alleged lost earnings for a CFO specialized in guiding VC-backed companies through exit transactions; defendant side; STATE OF CALIFORNIA DEPARTMENT OF TRANSPORTATION; deposition notes prepared before case settled.

2017  Expert witness on the structure and function of venture capital firms and venture capital funds, including the organization and business models of both VC firms and VC funds, investment due diligence standard of care and custom and practice in the venture capital business, and investment vehicles used by VC funds. The case involved hundreds of millions of dollars of startup and real estate investments in a heavily contested divorce; respondent side; BLEVANS & BLEVANS LLP; expert report prepared; deposition testimony given.

2017  Expert witness on standard of care and custom and practice regarding investor due diligence procedures involving a disputed $71.0 million share purchase transaction by the trustee of an ERISA-governed employee stock ownership plan (ESOP); plaintiff side; United States Department of Labor, Office of the Solicitor; expert report prepared; deposition testimony given; trial testimony given. (Thomas E. Perez, Secretary of Labor, US Department of Labor vs. First Bankers Trust Services, Inc., et al.; No. 1: 12-cv-08648-GBD, US District Court for the Southern District of New York)

2016  Expert witness on customary practices of institutional venture capital firms regarding valuation of early-stage, technology start-ups, including the reasonableness of and diligence on assumptions used in a “but for” world estimate of value and the application of comparable company valuation analysis in an IPO setting. The case involved the alleged misappropriation trade secret technology; defendant side; FOLEY HOAG and DURIE TANGRI; expert rebuttal prepared; deposition testimony given.  (Telesocial Inc. v. Orange S.A. et al.; Case No. 3:14-CV-03985-JD, US District Court, Northern District of California, San Francisco Division)

2016  Expert witness on standard of care and custom and practice regarding investor due diligence procedures involving an equity investments by an accredited investor in a private bio-tech firm; defense side; DENSBORN BLACHLY; expert report prepared.

2016  Expert witness on customary practices for venture capital/private equity Series A investments in private firms and for investment banking firms in underwriting an IPO (e.g., capitalization tables, share dilution and dilution protection techniques, pre- and post- money values, value accretion/dilution) in a case involving disputed distributions in a Phantom Share Plan triggered by a change of control transaction; defense side; GRAVEL & SHEA; deposition testimony given. (David Tanzer v. MyWebGrocer, Inc. et al.; No. 338-3-14 Cncv, Superior Court, State of Vermont)

2016  Expert witness on standard of care and custom and practice regarding investor due diligence procedures involving a $3.0 billion acquisition and on customary corporate governance procedures in Delaware C-corporations versus Delaware LLCs; plaintiff side; Cotchett, Pitre & McCarthy; deposition testimony given. (Monster LLC et al. vs Beats Electronics LLC et al; No. BC595235, Superior Court of the State of California, County of Los Angeles)

2016  Expert witness on standard of care and custom and practice regarding investor due diligence procedures involving the trustees of an ERISA-governed Taft-Hartley multi-employer pension plan regarding the appointment of an investment manager and a disputed $100.0 million alternative investment transaction in a construction loan fund; plaintiff side; Berns Weiss; expert report prepared; deposition testimony given.  (David Slack, et al. v. Russel Burns. et al.; Case No. 3:134-CV-05001-EMC, US District Court, Northern District of California, San Francisco Division)

2016  Expert witness on standard of care and custom and practice for underwriter due diligence related to a 2008 $2.5+ billion preferred equity offering during the global financial crisis by an international financial institution holding positions in tens of billions of dollars of troubled mortgage-related securities and monoline insurance wraps; plaintiff side; ROBBINS GELLER and KESSLER TOPAZ; expert rebuttal prepared; deposition given.  (In Re Barclays Bank PLC Securities Litigation, Master File No. 1:09-cv-01989-PAC, US District Court, Southern District of New York)

2016  Expert witness on standard of care and custom and practice for Board of Directors due diligence related to a 2008 $2.5+ billion preferred equity offering during the global financial crisis by an international financial institution holding positions in tens of billions of dollars of troubled mortgage-related securities and monoline insurance wraps; plaintiff side; ROBBINS GELLER and KESSLER TOPAZ; expert rebuttal prepared; deposition given.  (In Re Barclays Bank PLC Securities Litigation, Master File No. 1:09-cv-01989-PAC, US District Court, Southern District of New York)

2016  Expert witness on standard of care and custom and practice regarding investor due diligence procedures involving a disputed $16.0 million share purchase transaction by the trustee of an ERISA-governed employee stock ownership plan (ESOP); plaintiff side; United States Department of Labor, Office of the Solicitor; expert report prepared; deposition testimony given; trial testimony given. (Thomas E. Perez, Secretary of Labor, US Department of Labor vs. First Bankers Trust Services, Inc., et al.; No. 3: 12-cv-04450-MAS-DEA, US District Court for the District of New Jersey)

2015  Expert witness on customary practices for investment and commercial banking regarding loan syndications related to financing strategies to pay construction costs for multi-billion dollar master-planned developments; plaintiff side; ROBBINS GELLER; expert report prepared; deposition testimony given. (Frank J. Fosbre, Jr. vs Las Vegas Sands Corp.; No. 2:10-cv-00765-APG-GWF, US District Court, District of Nevada)

2015  Expert witness on customary practice regarding minority equity investments by a multi-billion dollar technology firm in $120+ million investment in unregistered common shares of a public company; defendant side; Attorney General of California; deposition testimony given; trial testimony given.  (Fidelity National Information Services, Inc. v. California Franchise Tax Board; No. 34-2013-00148015, California Superior Court, County of Sacramento)

2015  Expert witness on standard of care and custom and practice regarding investor due diligence procedures involving a disputed $15.5 million share purchase transaction by the trustee of an ERISA-governed employee stock ownership plan (ESOP); plaintiff side; United States Department of Labor, Office of the Solicitor; expert report prepared; deposition testimony given.  (Seth Harris, Acting Secretary of Labor, US Department of Labor vs. First Bankers Services, Inc., et al.; No. 12 CIV 8649 US District Court for the Southern District of New York)

2015  Expert witness on standard of care and custom and practice regarding Board of Directors IPO due diligence and Underwriter IPO due diligence related to reasonable  disclosure in a disputed $3.8 billion IPO transaction; plaintiff side; ROBBINS GELLER; expert report and rebuttal prepared; deposition testimony given.  (Karsten Schuh vs HCA Holdings, Inc. et al.; United States District Court, Middle District of Tennessee, Nashville Division, Civil Action File No. 3:11-CV-01033)

2014  Expert witness on customary practices regarding valuation analyses and fairness opinions in a disputed recapitalization transaction and a subsequent $1.0+ billion M&A transaction involving a strategic buyer; defendant side; PILLSBURY WINTHROP; deposition testimony given.  (Srikanth Seshadri, et al. v. Keane International, Inc.; No. CGC11-516412, California Superior Court, County of San Francisco)

2014  Expert witness on standard of care and custom and practice regarding investor due diligence procedures for private equity firms and for lending due diligence for commercial lenders in a disputed recapitalization transaction involving multiple subsidiaries of a private company; plaintiff side; WILKES & McHUGH; expert report prepared; deposition testimony given.  (In Re: Fundamental Long Term Care, Inc.; No. 8:11-bk-22258-MGW, Chapter 7, US Bankruptcy Court, Middle District of Florida, Tampa Division)

2014  Expert witness on standard of care and custom and practice for buyer due diligence in $100.0+ million failed M&A transaction by a special purpose acquisition company.  The case involved the seller’s auditor; defendant side; KEKER VAN NEST; expert report prepared.

2014  Expert witness on standard of care and custom and practice for buyer due diligence in $100.0+ million failed M&A transaction by a special purpose acquisition company.  The case involved the buyer’s due diligence advisor; defendant side; GUNSTER YOAKLEY & STEWART; expert report prepared.

2014  Expert witness on customary practices regarding investments in partnerships; defendant side; DLA PIPER; expert report prepared; deposition testimony given.  (James Bryan Garrett et al. v. Deron Robertson et al.; No. 112-cv-238292, California Superior Court, County of Santa Clara)

2013  Expert witness on standard of care and custom and practice for buyer due diligence in a securities class action case involving a failed $400.0 million acquisition of a Chinese reverse merger company by a special purpose acquisition company; plaintiff side; KESSLER TOPAZ; expert report prepared.

2013  Expert witness on standard of care and custom and practice for buyer due diligence in a shareholder derivative case involving a Special Litigation Committee related to a failed $400.0 million acquisition of a Chinese reverse merger company by a special purpose acquisition company; plaintiff side; ROBBINS UMEDA; expert report prepared.

2012  Expert witness on standard of care and custom and practice for Board of Directors due diligence in a case involving a $1.6 billion follow-on equity offering; plaintiff side; ROBBINS GELLER et al.; expert report prepared, deposition testimony given.  (United Food and Commercial Workers Union v. Chesapeake Energy Corp. et al.; Civil Action No. 5-09-cv-1114-D, US District Court, Northern District of California)

2012  Expert witness on customary practices in corporate governance for financially conflicted board members (e.g., role of special committees, fair price/fair process, use of financial advisors) in a case involving a multi-million dollar dispute between board factions of private financial services firm; plaintiff side; FARELLA, BRAUN, MARTEL; expert report prepared.

2012  Expert witness on customary practices for investment banking firms in sell-side M&A transactions (e.g., M&A due diligence role; engagement fees, terms & conditions) in a case involving dispute arising out of a multi-million dollar LBO by a private equity firm; plaintiff side; CALDWELL LESLIE & PROCTOR.

2012  Expert witness on venture capital industry customary practices (e.g., rebuttal of opposing Expert’s opinions, reasonableness of general partner’s actions) in a case involving a multi-million dollar dispute between the general partner and a limited partner investor in a venture capital fund; defendant side; LAW OFFICES OF MICHAEL Q. EAGAN; expert report prepared.

2011   Expert Witness on customary practices for institutional placement agents and standard of care and custom and practice for investment banks in private placements in a case involving securities totaling some $400.0 million; defendant side; SKADDEN ARPS; deposition testimony given. (Jerome F. Sheldon, et al. v. UBS Securities, LLC, et al.; No. CGC-08481229; California Superior Court, County of San Francisco)

2011  Expert witness on customary practices in corporate governance, including Special Committees, and the standard of care and custom and practice for Board of Directors due diligence for public offerings and M&A transactions as well as investor due diligence by private equity firms related to a wrongful death case involving a publicly-traded coal company formed by M&A transactions sponsored by a private equity firm; defendant side; ALLEN, GUTHRIE & THOMAS; expert report prepared.

2011  Expert witness on venture capital industry customary practices (e.g., preferred share rights) in a case involving a $20.0 million dispute between founder and venture capital investors; plaintiff side; DLA PIPER and GOODIN MacBRIDE; expert report prepared; deposition testimony given; testified at arbitration hearing.  (IronPlanet, Inc., Claimant v. Reza Bundy Saadlou, Respondent/Counterclaimant; No. 74 166 00330 10 ANRO; American Arbitration Association, San Francisco)

2011  Expert witness on customary practices in M&A transactions (e.g., post acquisition purchase price adjustments, data room procedures) in a case involving a $20.0 million dispute in a $1.5 billion M&A transaction; plaintiff side; FRIED FRANK; expert report prepared.

2011  Expert witness on standard of care and custom and practice for Board of Directors IPO due diligence and underwriter IPO due diligence as well as investment banking industry customary practices in a $150.0 million equity carve out IPO; plaintiff side; ROBBINS GELLER et al.; expert report prepared; deposition testimony given.  (In Re Constar International Inc. Securities Litigation; Master File No. 03-5020; US District Court, Eastern District of Pennsylvania)

2010  Expert witness on standard of care and customary practices for underwriter due diligence and investment banking industry customary practices in a $33.0 million municipal debt offering; plaintiff side; MINTZ LEVIN; expert report prepared; deposition testimony given.  (Vectren Communications Services, Inc. v. City of Alameda; No. C 08-3137 SI; US District Court, Northern District of California, San Francisco Division)

2010  Expert witness on the standard of care and custom and practice for Board of Directors M&A due diligence, including customary practices of Special Committees (e.g., fair price/fair process); plaintiff side; PEARSON, SIMON et al.; expert report prepared; deposition testimony given.  (In Re Tripath-Technology, Inc., Debtor, and Richard C. Hermerding, Disbursing Agent v. Adaya S. Tripathy, et al.; No. 07-50358 (CN) and Adv No. 09-5004, Chapter 11; US Bankruptcy Court, Northern District of California, San Jose Division)

2010  Expert witness on standard of care and custom and practices for M&A due diligence and private equity industry customary practices in a failed $2.0+ billion LBO transaction; defendant side; WILLIAMS & CONNOLLY; expert report prepared.

2010  Expert witness on venture capital industry customary practices, including customary practices of Special Committees (e.g., pre-money value, preferred share rights, fair price/fair process) in a case involving a $50.0 million venture financing transaction; defendant side; DLA PIPER; deposition testimony given; trial testimony given in California Superior Court, Orange County.  (Mike Alexandros, et al. v. KOR Electronics, et al.; Case No. 06CC07881; California Superior Court, County of Orange, Central Justice Center)

2009  Expert witness on standard of care and custom and practices for underwriter due diligence and investment banking industry customary practices in a $100.0+ million equity offering for a public company; plaintiff side; COUGHLIN, STOIA et al.; expert report prepared.

2009  Expert witness on standard of care and custom and practice for Board of Directors due diligence in a case involving a $100.0 million+ follow-on equity offering; plaintiff side; COUGHLIN STOIA, et al.; expert report prepared.

2009  Expert witness on customary practices for reasonable reliance by an executive in an SEC case involving a claim of inadequate disclosure; defendant side; BIRD MARELLA et al.; expert report prepared.

2009  Expert witness on standard of care and custom and practice for investor due diligence (e.g., suitability) in a case involving alleged negligence and fraud in a defined benefit plan sold by a broker-dealer; defendant side; NIXON PEABODY and FOLEY & LARDNER; expert report prepared.

2008  Expert witness on standard of care and custom and practice for M&A due diligence and private equity industry customary practices in a  $30.0+ million LBO transaction alleging fraudulent disclosure; defendant side; FINESTONE & RICHTER; deposition testimony given; jury trial testimony given in California Superior Court, Orange County. (PHC Sharp Holdings, Inc. et al. v. Robert Wendt et al.; Case no. 07CC09285, Orange Count Superior Court)

2008  Expert witness on standard of care and custom and practices for investor due diligence and securities brokerage industry customary practices (e.g., know your customer and suitability securities industry rules) in a multi-million dollar fraud case; plaintiff side; HOLLAND & HART; expert report prepared; deposition testimony given.

2008  Expert witness on limited partnership customary practices in a case alleging general partner conflict of interest and inadequate disclosure in a $2.0+ billion fund of funds hedge fund; plaintiff side; GONZALEZ & LEIGH; deposition testimony given.

2008  Expert witness on limited partnership customary practices (e.g., fairness opinions, use of special committees; limited partnership financing) in a case involving a disputed investment analysis of a $100.0 million asset sale; defendant side; MORRISON & FOERSTER; deposition testimony given.

2007  Expert witness on investment banking industry customary practices (e.g., financial advice on 144 A offerings, use of proceeds from asset sales to cure debt covenant violations) in a case alleging deepening insolvency of a public company; defendant side; SKADDEN ARPS et al.; expert report prepared; deposition testimony given.

2007  Expert witness on standard of care and custom and practice for underwriter due diligence and investment banking industry customary practices in a $400 million follow-on offering of a public company; plaintiff side; LERACH COUGHLIN et al.; expert report prepared; deposition testimony given.

2007   Expert witness on standard of care and custom and practice for M&A due diligence and private equity industry customary practice in a $1.0 billion acquisition transaction; plaintiff side; BERNSTEIN LITOWITZ BERGER & GROSSMAN; expert report prepared.

2007   Expert witness on standard of care and custom and practice for M&A due diligence in an M&A transaction valued at $0.5 billion; plaintiff side; BOIES SCHILLER & FLEXNER; expert report prepared; deposition testimony given. 

2007   Expert witness on standard of care and custom and practice for M&A due diligence in an M&A  transaction valued at $0.5 billion; plaintiff side; GREGORY P JOSEPH Law Offices; expert report prepared.

2007   Expert witness on standard of care and custom and practice for lender due diligence and commercial and mortgage banking industry customary practices in a disputed sub-prime mortgage transaction; defendant side; PILLSBURY WINTHROP SHAW PITTMAN; deposition testimony given.

2006   Expert witness on investment banking industry customary practices (e.g., valuation techniques, fairness opinions, conflicts of interest of research analysts) in a multi-billion dollar M&A transaction; plaintiff side; LERACH COUGHLIN et al.; expert report prepared. 

2006   Expert witness on standard of care and custom and practice for underwriter due diligence and investment banking industry customary practices (e.g., structured financing and derivatives) in two follow-on debt securities offerings totaling over $1.5 billion; defendant side; SULLIVAN & CROMWELL; expert report prepared; deposition testimony given.

2006   Expert witness on standard of care and customary and practice for lender due diligence and commercial banking industry customary practices (e.g., loan structuring, terms and conditions; solvency) in a failed $275.0 million leveraged buyout transaction; plaintiff side; PILLSBURY WINTHROP SHAW PITTMAN; expert report prepared; deposition testimony given.

2006   Expert witness on investment and commercial banking industry customary practices (e.g., investment agreement terms and conditions, including performance milestones and material adverse events considerations; solvency) in an aborted $1.0+ billion investment in an affiliated company; defendant side; SHEARMAN & STERLING; expert report prepared.

2006   Expert witness on commercial banking industry customary practices (e.g., corporate trust department responsibilities regarding debt issues, reputation considerations in settlement negotiations) involving a disputed indemnity agreement of nearly $200.0 million; defendant side; STEVENS & O’CONNELL; deposition testimony given.

2006   Expert witness on standard of care and custom and practice for investor due diligence and venture capital industry customary practices in a venture capital fund investment of some $125.0 million in a start-up firm involving allegations of stolen trade secrets and patent infringements; defendant side; KEKER & VAN NEST; expert report prepared; deposition testimony given.

2005   Expert witness on standard of care and custom and practice for investor due diligence and venture capital industry customary practices in a failed $10.0 million venture capital investment in start up; defendant side; O’LEARY & O’LEARY; expert report prepared.

2005   Expert witness on standard of care and custom and practice for investor due diligence and venture capital industry customary practices (e.g., private placement memorandum disclosure) in a $375 million venture capital fund; plaintiff side; KEKER & VAN NEST and DLA PIPER RUDNICK GRAY CARY; expert report prepared; deposition testimony given.

2005  Expert witness on standard of care and custom and practice for underwriter due diligence and investment banking industry customary practices (e.g., disclosure, overview of public offering process) in a $400 million follow-on offering of a public company; plaintiff side; LERACH COUGHLIN et al.; expert report prepared.

2005   Expert witness on standard of care and custom and practice for M&A due diligence (e.g., S-4 disclosure, overview of merger process and procedures) in a $0.5 billion merger transaction involving two publicly traded companies; plaintiff side; ABBEY GARDY; expert report prepared; deposition testimony given.

2005   Expert witness on private equity and venture capital industry customary practices as well as customary practices of Boards of Directors in a disputed investment in a private company; defendant side; ARCHER NORRIS; expert report prepared; deposition testimony given; jury trial testimony given in Federal Court.  (Michael Sitrick vs. Northwestern Pacific Indemnity Company et al.)

2004   Expert witness on private equity, commercial banking and investment banking industry customary practices regarding M&A financing (e.g., terms & conditions, credit underwriting, letters of credit, character and capacity) in a failed, multi-billion dollar acquisition transaction of an insolvent firm; plaintiff side; BINGHAM & McCUTCHEN; expert report prepared; deposition testimony given.

2004   Expert witness on standard of care and custom and practices for underwriter due diligence and investment banking industry customary practices (e.g., IPO procedures, disclosure, Road Shows, valuation, corporate governance) in a $100+ million IPO transaction; plaintiff side; MILBERG WEISS et al.; expert report prepared; deposition testimony given.

2004   Expert witness on venture capital industry customary practices as well as customary practices of Boards of Directors in a disputed $30.0+ million Series E venture capital investment in a private company; defendant side; DLA PIPER RUDNICK GRAY CARY; expert report prepared.

2003   Expert witness on standard of care and custom and practice for underwriter due diligence and investment banking industry customary practices (e.g., IPO procedures, disclosure, Road Shows, pricing, allocations) in a $150 million IPO transaction; defendant side; PAUL HASTINGS JANOFSKY & WALKER; expert report prepared.

2003   Expert witness on standard of care and custom and practice for lender due diligence and commercial banking and investment banking industry customary practices (e.g., loan underwriting, syndications, financial advisory services) in disputed funding transactions of some $1.0 billion in a case alleging deepening insolvency of a public company; defendant side; PERKINS COIE BROWN & BAIN; expert report prepared; deposition testimony given.

2003   Expert witness on standard of care and custom and practice for M&A due diligence (e.g., corporate governance and duty of care, S-4 disclosure, overview of merger process and procedures) in a $1.9 billion high tech merger transaction; defendant side; SIDLEY AUSTIN BROWN & WOOD; expert report prepared; deposition testimony given.

2002   Expert witness on venture capital industry customary practices; plaintiff side; BROBECK PHLEGER & HARRISON; expert report prepared.

2002   Expert witness on customary practices for corporate governance and financial disclosure (e.g., S-1, prospectus, 10K, 10Qs; due diligence) in $75+ million IPO transaction; plaintiff side; LOCKRIDGE GRINDAL NAUEN; expert report prepared.

2002   Expert witness on standard of care and custom and practice for M&A due diligence (e.g., corporate governance, stock lock up provisions, derivative securities) in a $225+ million acquisition transaction; defendant side; PRESTON GATES ELLIS; expert report prepared; deposition testimony given; testified at arbitration hearing.  (Richard D. Harroch et al. v. NBC Internet, Inc.)

2002   Expert witness on customary practices in M&A transactions (e.g., valuation, required disclosure, empirical stock price performance after merger announcement) in a $150+ million acquisition transaction; defendant side; THE FIORE LAW GROUP; expert report prepared.

2001   Expert witness on customary practices in M&A transactions (e.g., fairness opinion/valuation, statutory mergers versus tender offers procedures, corporate governance) in a $100+ million high tech merger transaction; defendant side; BROBECK PHLEGER & HARRISON; expert report prepared.

2000   Expert witness on standard of care and custom and practice for underwriter due diligence and investment banking industry customary practices (e.g., IPO underwriting procedures) in a $100+ million IPO transaction; plaintiff side; WOLF POPPER; expert report prepared; deposition testimony given.

2000    Expert witness on standard of care and custom and practice for underwriter due diligence and investment banking industry customary practices (e.g., IPO underwriting procedures, valuation) in a $100+ million IPO transaction; plaintiff side; BROBECK PHLEGER & HARRISON; expert report prepared; deposition testimony given; testified at arbitration hearing.  (Dennis M. Hart v. Peter T. Paul et al.)

1999  Expert witness on standard of care and custom and practice for lender due diligence and commercial banking industry customary practices (e.g., loan underwriting, regulatory oversight, corporate governance) in a securities fraud case; plaintiff side; HOWARD RICE, et al.; expert report prepared; deposition testimony given.

Board of Directors Experience (1969-2000)

1989-2000

Chairman of Board, Harding Lawson Associates:   Environmental engineering and transportation infrastructure firm; 1,000+ employees; $150 million revenue; SEC reporting.  Also served as Chairman of Audit Committee.

1985-1987

Director, TeleWatch: venture capital-backed telecommunication firm.

1988-1997

Director, Surety Bank: regional commercial bank.  Served as Chairman of Audit Committee.

1982-1984

Director, Sutro & Co, Inc.: regional investment bank.

1969-1980

Vice Chairman, Redwood Bancorp: SEC reporting; bank holding company; regional commercial bank; mortgage banking & trust operations.

Work Experience (1967-present)

Richard Puntillo: Expert Witness Consulting.
1999-present

Puntillo & Associates: Investment banking and corporate turnaround consulting.
1985-1989 – San Francisco

Sutro & Co.:  Executive Vice President & Chief Financial Officer; Board and Executive Committee member; investment bank; 800 employees.
1982-1984 – San Francisco

Puntillo & Associates: Investment banking and merger & acquisition consulting.
1981-1982 – San Francisco

Redwood Bancorp: Vice Chairman & Chief Operating Officer; San Francisco-based commercial and mortgage banking company; listed on NASDAQ; 150 employees.
1969-1980 – San Francisco

Arthur Young & Company: Junior accountant, audit department.
1967-1968 – San Francisco

Professional Affiliations

1991-2011: National Association of Corporate Directors

1993-2013: Financial Management Association

EDUCATION

1969, University of California at Berkeley
(MBA: Emphasis in Finance and Economics)

1967, State University of New York at Buffalo
(BS in Business Administration: Emphasis in Economics and Mathematics)