Expert Details
Performance Improvement: Activity-based Costing, Transaction Due Diligence, Conflict Resolution
ID: 725923
New York, USA
Expert served as the interim crisis manager of 25-30 companies as a key offering of his turnaround/restructuring practice. In this role as either CEO or COO, he was required to call on all of those elements of business management from organization dynamics, financial management and control, production, business strategy and planning and sales/marketing that were learned in prior years. Each case, from widely differing industries, added to his knowledge base. This experience and expertise were critical to the value provided in subsequent engagements, reducing the time and cost required to significantly achieve major improvements in performance of the client's business.
? $40 million yarn manufacturer. Retained by debtor at urging of potential lender to confirm viability and to validate key elements of business plan. Found company seriously impaired requiring major operating and financial restructuring before refinancing could be considered.? $150 million weapons designer and manufacturer. Family business. Severe conflicts between brothers related to father’s choice of successor impaired corporate performance and threatened intrafamily relationships. Retained by the Board of Directors, developed the only viable solution to the conflict that would permit effective continuity of the business, family harmony and resolution of related financial expectations. • $30 million manufacturer of metallic electronic enclosures. Prepared analysis of operating issues facing Company in highly competitive environment. Proposed operating restructuring plan for equity holders. Served as interim Chief Operating Officer. Achieved first profitable results in four years. • $200 million manufacturer and distributor of fine printing papers & release papers through merchants and direct to major accounts. As Consultant to the Chairman/CEO, evaluated operations, organization and strategy to improve financial results in an extraordinarily difficult market. Capital plan evaluated to support lender confidence.• $50 million distributor of floor coverings operating as debtor-in-possession. Retained by debtor at urging of counsel to identify key performance issues, build a plan for confirmation and assist with creditor negotiations. Company operating profitably after implementing restructuring recommendations.
Education
Year | Degree | Subject | Institution |
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Year: 1959 | Degree: MS | Subject: Chemical Engineerng | Institution: Univ. of Rochester |
Year: 1955 | Degree: BS | Subject: Biochemical Engineering | Institution: MIT |
Work History
Years | Employer | Title | Department |
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Years: 1986 to Present | Employer: Undisclosed | Title: Chairman/CEO | Department: Undisclosed |
Responsibilities:(Employer) is nationally recognized as a family business and crisis management professional. The firm determines viability, diagnoses and implements plans to ensure performance improvements, and serves as interim manager of underperforming or otherwise troubled enterprises. Expert serves as an expert witness in matters involving management performance, director malfeasance, and related damage assessment. He has personally counseled and provided interim management services to more than 200 companies. |
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Years | Employer | Title | Department |
Years: 1976 to 1986 | Employer: Undisclosed | Title: VP/Managing Partner | Department: Undisclosed |
Responsibilities:Analysis, planning, and management of troubled companies in manufacturing and distribution. Also responsible for firm's strategy and business development programs. |
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Years | Employer | Title | Department |
Years: 1971 to 1976 | Employer: Undisclosed | Title: VP Marketing/ VP-Division Executive | Department: Undisclosed |
Responsibilities:Responsible for world-wide sales, product planning and market strategies of $80 million subsidiary in addition to serving as Chief Operating Officer of $20 million technical products division. |
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Years | Employer | Title | Department |
Years: 1968 to 1971 | Employer: Undisclosed | Title: Project Manager | Department: Undisclosed |
Responsibilities:Expert was responsible for client services and programs in strategic planning, technological forecasting, and market development with focus on the Graphic Arts industry. Client base principally Fortune 500 companies. Practice included industry wide, multiclient studies to assist clients in long term strategies, technology investments and merger/acquisition programs. |
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Years | Employer | Title | Department |
Years: 1964 to 1968 | Employer: Undisclosed | Title: VP Operations | Department: Undisclosed |
Responsibilities:Company manufactured photosensitive products. Served as key member of turnaround team. Sold to Agfa Gavaert after restructuring and demonstration of profitable performance. |
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Years | Employer | Title | Department |
Years: 1956 to 1964 | Employer: Eastman Kodak Company | Title: Undisclosed | Department: Distillation Products Industries |
Responsibilities:Industrial Engineer in film/paper manufacturing. Product and commercial development of fine chemicals for the food, feed pharmaceutical markets. |
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Years | Employer | Title | Department |
Years: 1955 to 1956 | Employer: General Electric Company | Title: Undisclosed | Department: Plastic Div. |
Responsibilities:Process development of engineering plastics; irradiation technology for cross linking polymers. |
Government Experience
Years | Agency | Role | Description |
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Years: to Present | Agency: | Role: | Description: None |
International Experience
Years | Country / Region | Summary |
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Years: 2003 to 2008 | Country / Region: Israel | Summary: He has worked with venture group to analyze and structure the purchase of several ventures. Work continues in conjunction with lending and insurance institutions. |
Years: 1998 to 2004 | Country / Region: United Kingdom | Summary: Various clients: He has worked with local professionals in cross border restructuring of mid market, troubled companies. |
Career Accomplishments
Associations / Societies |
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Turnaround Management Association; Family Firm Institute |
Licenses / Certifications |
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P.E. (lapsed); CTP, CMC |
Professional Appointments |
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Non executive chairman-VRSim, Inc.; Chairman-Audit Committee-Diomed Holdings Corp.; Former Chairman-Institute of Management Consultants. |
Awards / Recognition |
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Who's Who in America, et. al. Outstanding Professional-Turnaround Management Association. |
Medical / Professional |
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N/A |
Publications and Patents Summary |
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More than 15 articles published in trade/industry journals; 3 patents. |
Additional Experience
Expert Witness Experience |
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Case examples: Principally state courts except for bankruptcy related cases (Federal). All cases involved research, analysis, depositions. U.S. Trustee vs. Deloitte Touche et. al. Deloitte is accused of malpractice, failing to provide per the contractual commitments a feasible strategic plan, misrepresenting the financial condition of the client and billing for services not provided. Their client filed for Chapter 11 protection, later liquidated under Chapter 7. Disgorgement of fees and damages associated with deepening insolvency are sought. Expert for the benefit of Deloitte. 2005-2006 Loveland vs. Stone Container & Smurfit Stone Container Corp., Jacksonville, FL. Atty: Margol & Pennington: Machine operator (plaintiff) seriously injured. Retained to analyze, confirm and testify as to equipment conditions, safety practices, training and supervision of factory personnel and the relationship between acceptable management practices and personnel safety. Expert for the benefit of plaintiff. (2002). Atkinson vs. DBLS & Darryl Griffin, Boston, MA. Atty: Gadsby Hannah LLP: Shareholder conflict. Retained by plaintiff to analyze and testify as to management practices, ethics involving advisors to management and the role and responsibilities of the board of directors in providing oversight on behalf of the shareholders. (1999-2000) In re Fleetwood Litho & Letter Corp., Moonachie, NJ. Atty: Platzer, Swergold, et. al.: Debtor was Debtor in Possession (Chapter 11). Case involved conflict between DIP management and creditors committee. As advisor to creditors committee, uncovered fraudulent representations of asset values, identified management practices that devalued estate. Creditor settlement substantially increased after disclosures. (1998) In re Newspaper Printing Company, Tampa, FL. Atty: Kirkpatrick & Lockhart, Kass Hodges: Case centered on conflicting interpretation between selling shareholder (defendant) and manager/ purchaser (plaintiff). Determined enterprise value, analyzed conditions specified in purchase contract and evaluated the role of the manager in the deteriorating financial results which affected the valuation. Expert for the benefit of defendant. (1995) In re Consolidated Fabricators, St. Louis, MO. Atty: Davis & Davis: Family conflict involving three (3) separate holdings. Analyzed management performance, performed competitive benchmarking, estimated financial impact on the companies of management actions and omissions, determined enterprise values comparing actual performance of each entity vs. “best practice” alternatives to estimate damages caused by management failures. |
Training / Seminars |
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Strategic sales; selling to major accounts. developed and presented to major European banks. Reinvesting Family Wealth: Workshop delivered at Lebanese-American University, Beirut, Lebanon for middle east family businesses. How do you know your business is in trouble? Workshops delivered to many lenders and institutional borrowers. Distribution & pricing theory. Workshop to UMass-Amherst Business Department. |
Vendor Selection |
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Not applicable |
Marketing Experience |
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Printing & Publishing; Paper Manufacturing; Boutique retail; Specialty chemicals. |
Other Relevant Experience |
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Turnaround/interim management; financial and operating restructuring; refinancing; strategic planning, particularly for early stage companies. |
Language Skills
Language | Proficiency |
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English only |
Fields of Expertise
activity-based costing, cost accounting, manufacturing cost analysis, manufacturing cost control, operating cost, operating cost analysis, cost-benefit analysis, expert witness, business management, business strategy, corporate strategic planning, strategic planning, business analysis, business, market development, business development, business ethics, small business, entrepreneurship, business incubator, production cost, computer spreadsheet, waste reduction, cost engineering, budget control