A Deep Dive on IPOs
I’ve been thinking…Exactly How is the IPO Share Price Determined? A companion blog, A Primer on Initial Public Offerings, discusses the IPO process from five points of view: issuers, underwriters, investors, regulators and markets. This blog deals with the established […]
A Primer on Initial Public Offerings (IPOs)
I’ve been thinking…Just what is an Initial Public Offering (IPO)? There are four principal methods for a private company’s equity shares to trade in the public markets: (1) sell shares to the public by undergoing an IPO, (2) sell shares […]
A Deep Dive on Direct Listings
I’ve been thinking…What is a Direct Listing? There are four principal methods for a private company’s shares to trade in the public markets: (1) sell shares to the public through a direct listing process, (2) sell shares to the public […]
A Deep Dive into the M&A Process of LBO Deals
I’ve been thinking…Just what is the M&A Process in an LBO deal? This blog is a follow on to a companion blog, A Deep Dive into the Auction Process of LBOs, which explored the typical actions of both the target […]
A Deep Dive into the Auction Process of Leveraged Buy Outs (LBOs)
I’ve been thinking…Just what is an LBO auction? An LBO involves an M&A deal that is largely financed with debt. If the target being acquired initiates the deal and is a large company, often an investment bank is engaged to […]
A Primer on Private Equity
I’ve been thinking…Just what is meant by the term, Private Equity? The term private equity refers to a pool of capital in financial markets that is privately owned versus publicly owned. Private equity is also a form of financing used […]
A Deeper Dive into Preferred Share Rights in Venture Capital-Backed Firms (VCBFs)
I’ve been thinking…Why do VCs use preferred share rights in negotiating investments in a VCBF? Investing in securities of a startup firm is extremely risky, and the VC funding model has developed a set of strategies that seeks to reasonably […]
A Primer on Pre-Money Value in Venture Capital-Backed Firms (VCBFs)
I’ve been thinking…Just what is the meaning of Pre-Money Value in a VCBF? Pre-Money Value in a VCBF is a measure of value at the time of an investment round. This measure differentiates between value before and after a particular […]
A Primer on Employee Stock Ownership Plans (ESOPs)
I’ve been thinking…Just what is an ESOP? An ESOP, or Employee Stock Ownership Plan, is a unique, tax-favored employee benefit plan that can be used as an acquisition financing technique in a highly structured M&A transaction designed to provide liquidity […]
A Deeper Dive into High-Yield Debt
I’ve been thinking…Just what are Restricted Payment Baskets and how do they work? In my experience, investors in high-yield debt use a set of negotiated covenants to protect their investment without unreasonably restricting the ability of the debtor to successfully […]
Professor Richard Puntillo’s Expert Witness practice draws on a unique background that combines a distinguished teaching career as a University of San Francisco finance professor with two decades of high-level executive experience in investment and commercial banking.
Set forth below are detailed summaries of selected examples of cases where I served as an expert witness... 
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