Expert Details
Real Estate, Banking, Bankruptcy
ID: 734948
California, USA
Other consulting and expert witness assignments involved a breach of fiduciary duty, loan underwriting standards of care, procuring cause, asset-based lending, hard money lending, and ground leases. Expertise in corporate and real estate reorganizations, debt and equity procurement, corporate and real estate loan underwriting, loan defaults, due diligence, public/private developments, real estate partnerships, landlord/tenant relations, receivership management, and loan servicing.
Highly respected by bank regulators; appeared before approximately 20 of Federal Reserve to discuss the systemic crash of the U.S. financial markets and the negative impact on FDIC-insured banks. A widely published authority and featured speaker at real estate investment, corporate turnaround, and law conferences regarding corporate and real estate crisis management, loan restructuring, loan securitization, CMBS and servicing, equity capital markets, and bankruptcy.
A widely published authority on troubled banks, distressed real estate, bank bailouts, real estate asset management, crisis management, and capital market trends. A frequent guest speaker at real estate, corporate turnaround, and law conferences/special events.
Since 2015, directs a prestigious Consulting Corp as it’s Managing Shareholder providing consulting and expert witness services to corporations, financial institutions and law firms on a national basis.
Areas of Discipline
Banks
o Officers and Directors professional liability
o Lender liability
Bankruptcy
o Reorganization plan feasibility
o Establishment of “Cramdown” interest rates
o Fraudulent transfers/preference actions
Real Estate/Corporate
o General partner liability
o Loan restructurings
o Breach of fiduciary duty
o CMBS / RMBS special servicing
o Acquisition due diligence
o Tax District Financing
o Landlord/Tenant disputes
o Loan underwriting standards
o Loan risk ratings / ALLL Reserves
o Structured real estate transactions
o Property Receiverships
o Low Income Projects
o Corporate Lending
o Timeshare/Fractional/Destination resorts
o Condominium association management
o Property management and leasing
o Troubled commercial properties
o Damages assessment and rebuttal
1973-2010 list of approximately 50 successful consulting assignments.
Education
| Year | Degree | Subject | Institution |
|---|---|---|---|
| Year: 1979 | Degree: Bachelor's Degree | Subject: Real Estate | Institution: Florida International University |
Work History
| Years | Employer | Title | Department |
|---|---|---|---|
| Years: 2011 to 2015 | Employer: COHN REZNICK LLP | Title: Managing Director | Department: Litigation Expert Testimony |
Responsibilities:-Engaged as consulting and expert witness in a variety of cases involving failed banks. Assisted legal counsel including Paul Hastings, Katten & Temple, Fox Rothschild, and Murphy, Pearson, Bradley & Feeney in defending lawsuits brought by the FDIC or the Department of Justice against officers and directors of Indy Mac Bank, Silver State Bank, Mutual Bank, and United Commercial Bank. Each case involved extensive review of troubled real estate loans, loan underwriting standards, bank loan policies, loan risk ratings, loan loss reserves, CAMEL ratings, third party audit reports, bank examination reports and bank capital raising efforts.-Engaged as consulting and testifying expert in six lender liability cases involving both community banks and some of the largest banks in America. Cases were filed in California, Florida, New York, and St. Thomas Virgin Island. Certain cases involved defending the financial institution, while others involved assisting plaintiff’s counsel. -Engaged as a consulting and testifying expert in a variety of Chapter 11 Reorganization cases, generally representing the secured creditor on issues including plan feasibility, valuation, and the appropriate interest rate in cram-down restructurings. Cases were national in nature including California, Nevada, Minnesota, Illinois, Florida and Tennessee. -Generated significant assignments for other partners of the firm practicing in the bankruptcy, M&A due diligence, business valuation, appraisal, and forensic accounting disciplines. |
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| Years | Employer | Title | Department |
| Years: 2010 to 2010 | Employer: BBK LTD. | Title: Managing Director | Department: |
Responsibilities:-Directed professionals and staff in six national offices, who provide highly sophisticated real estate workout, valuation, insolvency and bankruptcy related services to commercial banks, bankruptcy trustees, developers, portfolio property owners, and law firms covering a wide range of real estate asset classes.-Served as financial intermediary in arranging private equity and debt for real estate developers and portfolio property owners to advance new real estate developments, acquisition of troubled projects, acquisition of nonperforming real estate related notes, or to liquefy equity interests in portfolio properties. -Served as expert witness in real estate related lawsuits involving lender/borrower disputes, real estate loan underwriting, reorganizations, bankruptcy, commercial property valuation, and bank officers and directors professional liability. |
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| Years | Employer | Title | Department |
| Years: 2008 to 2009 | Employer: ALVAREZ & MARSAL, LLC | Title: Managing Director | Department: |
Responsibilities:-Directed professionals and staff, who provided real estate workout and insolvency consulting services to commercial banks, pension funds, insurance companies, bankruptcy trustees; and, advisory services to real estate developers/owners in the multifamily, retail, office, hospitality, home-building and condominium development sectors.-Solicited clients on a national basis including commercial banks, real estate developers, publicly owned property companies, bankruptcy trustees and lawyers; published several articles on the banking and real estate crisis in the American Banker, California Real Estate Journal and Florida Real Estate Journal; responsible for 8-10 public speaking engagements annually. |
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| Years | Employer | Title | Department |
| Years: 2007 to 2007 | Employer: SQUAR MILNER, LLP | Title: Managing Director/Real Estate Practice Leader | Department: |
Responsibilities:-Responsible for managing and expanding the real estate transactional, receivership, and advisory practice areas of this Southern California regional accounting firm. Advisory services were provided to homebuilders, commercial property owners, commercial banks, and pension funds throughout California. Participated in procuring and managing a large advisory contract with CalPers regarding their national real estate holdings.-Directed the delivery of real estate-related due diligence and fiscal partnership compliance reports to numerous large homebuilding, property development and pension funds throughout California. -Assisted audit team in the review of the $10 billion real estate loan portfolio of Fremont Investment and Loan (Brea, CA). Scope included the critical review of loan underwriting, loan administration, and loan collection policies and procedures; loan grading and loss reserve analyses on some 100 large acquisition, development and construction loans; and, interaction with loan originators, internal audit committee members, and select members of the Board of Directors prior to issuance of the financial statement. |
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| Years | Employer | Title | Department |
| Years: 2001 to 2006 | Employer: RACHLIN, COHEN & HOLTZ, LLP | Title: Executive Board Partner | Department: |
Responsibilities:-Directed professionals and staff, who provided highly sophisticated consulting services to corporations, law firms, banks, creditors’ committees, real estate developers, federal/state courts, investment banks and individual investors.-Led transaction service group specializing in corporate acquisition due diligence, business sales, asset-based finance, corporate reorganizations and debt reduction consulting. -Conceived and directed the firm’s New York litigation support practice, which served three of the nation’s top 15 class action plaintiffs’ law firms. -Developed the real estate and capital advisory service group serving commercial and residential real estate owners and developers in a variety of property acquisition, due diligence, and financial assignments. -Regularly served as testifying expert in real estate related litigation matters in both State and Federal courts. |
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| Years | Employer | Title | Department |
| Years: 1999 to 2000 | Employer: BARON CAPITAL PARTNERS, LTD | Title: Managing Director and Shareholder | Department: |
Responsibilities:-Established boutique investment banking company with two nationally recognized investment bankers, targeting emerging middle market companies and real estate developers/investors.-Directed assignments involving strategic planning, debt/equity procurement, mergers, acquisitions, consolidations, roll-ups, workouts and turnarounds. -Successfully completed several acquisition and finance assignments in the aviation, marine, manufacturing and real estate disciplines. |
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| Years | Employer | Title | Department |
| Years: 1992 to 1998 | Employer: RER FINANCIAL GROUP, LLC, | Title: Managing Director/President/COO | Department: |
Responsibilities:-Directed highly profitable operations of five interrelated real estate advisory companies; RER Resources LP,Real Estate Recovery, Inc., RER Collections LP, RER Economic Consultants, Inc., and RER Commercial Real Estate LP. Provided leadership and supervision to offices in New York, Washington, DC, Dallas, Los Angeles and Boca Raton, FL.-Participated in the strategic repositioning of the firm in 1995, through real estate loan underwriting, due diligence and asset management services provided to Wall Street investment banks involved in originating and securitizing commercial real estate mortgage loans, including Goldman Sachs, Credit Suisse First Boston, Salomon Brothers, Bear Stearns, Citicorp Securities, Deutsche Bank, and others. Directed the client solicitation, public relations, contract procurement, rating agency relations and quality control functions of the repositioning effort, actively involved in having the firm rated as a CMBS Special Servicer by both Standard & Poors and Fitch. -Provided leadership and supervision to 175 professionals, 200 subcontractors and several operating contracts with RTC/FDIC, under which over 2,000 real estate related assets were evaluated, managed, and liquidated. -Served as Portfolio Manager and Senior Vice President of Florida operations in 1992/1993; promoted to National President in 1994. |
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| Years | Employer | Title | Department |
| Years: 1990 to 1991 | Employer: DEUTSCH IRELAND CAPITAL RECOVERY CORP | Title: Senior Vice President | Department: |
Responsibilities:-Conceived and established Florida’s first Commercial Community Development District, a quasi-public entity, to facilitate refinancing of a $70 million defaulted loan in favor of Chase Manhattan Bank.-Managed, repositioned and sold a 350,000 sq. ft. beachfront festival mall as court appointed receiver pursuant to the order of Broward County Circuit Court. -Provided acquisition due diligence, project repositioning, financing, and tax district formation advisory services regarding a 1,000 acre golf course community located in Kissimmee, Florida. Assisted in the formation of the first Community Development District ("CDD") in Osceola County, Florida, previous to Disney's City of Celebration. The CDD, formed pursuant to Florida Statute 190 was put in place to finance public purpose infrastructure; servedon the CDD's Board of Supervisors. |
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| Years | Employer | Title | Department |
| Years: 1986 to 1989 | Employer: J. E. ROBERT COMPANIES | Title: Senior Vice President | Department: |
Responsibilities:-America’s premier counselor to the Federal Savings and Loan Insurance Corporation and to directors and officers of failing savings and loan associations.-Represented directors of 15 savings associations located in 9 states, whose institutions were under siege by the FSLIC. -Actively directed efforts to minimize loan losses, including restructuring and/or sale of non-performing loans and the sale of operating subsidiaries, including insurance companies, broker dealers, factoring companies and real estate development companies. -Aggregate assets of these institutions exceeded $28 billion. |
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| Years | Employer | Title | Department |
| Years: 1984 to 1985 | Employer: SOUTHERN FLORIDABANC SAVINGS ASSOCIATION | Title: Senior Vice President | Department: |
Responsibilities:-A $500 million Savings and Loan Association under scrutiny by FSLIC for its troubled AD&C loan portfolio, investments in real estate development subsidiaries, and a multi-million investment in Hilton Head Island, SC. Engaged by the Board of Directors to direct the management, restructuring and/or liquidation of five investment subsidiaries, and a multi-million interest in the Sea Pines Plantation Company and the Hilton Head Company.-Engineered a complex swap of whole loan interests with the FSLIC, regarding 12 non-performing corporate and real estate loans collateralized by operating businesses and real estate development properties. -Worked closely with joint venture partners in the successful redevelopment and adaptive use of old Knoxville City Hall, the Historic Macon Train Station, and Warehouse Row a 300,000 square foot combination festival retail outlet mall and office complex in downtown Chattanooga, Tennessee. |
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| Years | Employer | Title | Department |
| Years: 1982 to 1983 | Employer: AMERIFIRST DEVELOPMENT CORPORATION | Title: Vice President | Department: |
Responsibilities:-A subsidiary of Florida’s largest savings and loan association, founded after the government deregulated the savings and loan industry. The Company was actively involved in residential and commercial real estate development joint ventures throughout Florida.-Evaluated and improved upon joint venture underwriting criteria and standard documentation. -Reviewed all new joint venture proposals, assessed project feasibility, sponsor qualifications, and project financing requirements. Negotiated terms and conditions of joint ventures, including achievement/success criteria, buyout provisions, preferred returns, and profit distribution waterfalls. |
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| Years | Employer | Title | Department |
| Years: 1980 to 1981 | Employer: JACOBS, VISCONSI & JACOBS COMPANY | Title: Assistant Director of Peripheral Land | Department: |
Responsibilities:-One of America’s largest owners and developers of enclosed mall regional shopping centers, with a portfolio consisting of approximately 50 malls, located in 12 states.-Leased or developed various commercial land parcels surrounding the enclosed malls. -Negotiated and structured ground lease and development transactions with financial institutions, theater companies, restaurants, oil companies and other freestanding retailers. -Assisted in the development of strip shopping centers, including anchor tenant negotiations, establishment of marketing/leasing strategies and project design/construction. |
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| Years | Employer | Title | Department |
| Years: 1976 to 1979 | Employer: GENERAL ELECTRIC CREDIT CORPORATION | Title: Investment Manager | Department: |
Responsibilities:-A wholly owned finance subsidiary of General Electric Company.-Responsible for the build-out of foreclosed residential home and lot developments throughout Florida. -Managed the foreclosure of various commercial and residential real estate development loans collateralized by Florida properties. -Liquidated or developed the foreclosed properties pursuant to business plans and budgets presented to and approved by GECC’s Senior Investment Committee. -Successfully redeveloped 5 commercial and residential projects, valued at $55 million, outperforming all GECC Investments Managers nationally in 1978. |
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| Years | Employer | Title | Department |
| Years: 1971 to 1975 | Employer: NATIONAL CITY BANK | Title: Construction Loan Officer | Department: |
Responsibilities:-Ohio’s largest national bank, competing nationally-Assisted in originating, underwriting, approving and managing construction loans for the bank portfolio; and, related permanent loan takeouts as a correspondent of Massachusetts Mutual and New York Life companies. -Managed the process of foreclosing approximately $60 million of residential, commercial and resort development loans collateralized by properties located throughout the U.S., and subsequently liquidated the properties. -Hired as Mortgage Trainee in 1971 and promoted in 1973. |
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Government Experience
| Years | Agency | Role | Description |
|---|---|---|---|
| Years: 1987 to 1995 | Agency: Resolution Trust Corp/FDIC | Role: Asset Management Consultant | Description: As President of Real Estate Recovery, Inc, led a team of 175 loan workout professionals in the evaluation, management and disposition of over 1,500 troubled real estate loans with aggregate balances exceeding $2 billion. Heralded as one of the top companies in the U.S.A. that served these agencies during the so-called Savings and Loan crisis when 1,037 banks failed. |
International Experience
| Years | Country / Region | Summary |
|---|---|---|
| Years: 1989 to 2015 | Country / Region: Japan/France/Caribbean Islands/Puerto Rico/Bahamas/Mexico | Summary: Numerous consulting assignments and international speaking engagements |
Career Accomplishments
| Associations / Societies |
|---|
| ASSOCIATIONS/MEMBERSHIPS/LICENSES: - California Bankruptcy Forum - Orange County Bankruptcy Forum - Orange County Bar Association - California Receivers Forum |
| Licenses / Certifications |
|---|
| ASSOCIATIONS/MEMBERSHIPS/LICENSES: - California Bankruptcy Forum - Orange County Bankruptcy Forum - Orange County Bar Association - California Receivers Forum |
| Professional Appointments |
|---|
| HISTORICAL DIRECTORSHIPS: CITY OF HOPE, LOS ANGELES, CA Advisory Board Member 4KIDS OF SOUTH FLORIDA, FORT LAUDERDALE, FL Development Board Member FLORIDA’S CHILDREN FIRST, SOUTH FLORIDA Advocacy Volunteer RACHLIN, COHEN & HOLTZ, MIAMI, FL Executive Board Member, Partner BAKER TILLY INTERNATIONAL, LONDON, UK International Corporate Recovery Committee; Founding Committee Chairman URBAN LAND INSTITUTE, JAPAN/ASIA Founding Council Member RER FINANCIAL GROUP, LLC., Washington, DC Board of Directors REAL ESTATE RECOVERY, INC., WASHINGTON, DC Board of Directors REAL ESTATE CAPITAL RECOVERY ASSOCIATION, WASHINGTON, DC Founding Board of Directors OVEROAKS COMMUNITY DEVELOPMENT DISTRICT, ORLANDO, FL Founding Director AU PRINTEMP, U.S.A., PARISIAN RETAILER, DENVER, CO Board of Directors SOUTHERN FLORIDABANC SAVINGS ASSOCIATION, BOCA RATON, FL Board of Directors AMERIFIRST PROPERTY INVESTORS, INC., MIAMI, FL Founding Principal |
| Awards / Recognition |
|---|
| Commissioned by the Federal Reserve Bank of Washington D.C. to speak before 20 of Federal Reserve Chairman Ben Bernanke's key governors and executives about the impending systemic crash of the U.S. economy and its effect on both banks and real estate. Numerous other awards and recognition during my 44 year corporate career. |
| Medical / Professional |
|---|
| 47 years of professional experience in the real estate, banking and bankruptcy industries. |
Additional Experience
| Expert Witness Experience |
|---|
| The list includes a Rule 26 list of 38 expert witness assignments throughout the United States. Have submitted to more than 1,000 hours of deposition testimony between 1973 and 2018. Appeared and testified at trial 15 times both in State and Federal Courts across America. |
| Vendor Selection |
|---|
| As an agent for the RTC and FDIC, engaged some 75 law firms, and hundreds of appraisers, property managers, real estate brokers and environmental consulting companies to perform services leading to the resolution of more than 1,500 troubled real estate loans. |
| Marketing Experience |
|---|
| Most recently, as Managing Director of the largest privately-held consulting company in America, led a team that solicited contract advisory work from the top 25 banks in the United States during the 2008-2010 systemic crash of the U.S. financial markets. Spent most of 1995 in New York City transitioning Real Estate Recovery away from government agency work (RTC and FDIC), to work for companies making commercial real estate loans for CMBS securitization purposes. Clients realized through these efforts included Goldman Sachs, C.S. First Boston, Deutsche Bank, Solomon Brothers, and Citicorp Securities. |
| Other Relevant Experience |
|---|
| Managed several dozen out-of-court corporate and real estate reorganizations. As a successor developer employed by commercial banks and credit companies directed the development and construction of some 750 townhomes and condominiums and over 1,000 homesites. EDUCATION: FLORIDA INTERNATIONAL UNIVERSITY, MIAMI, FL Bachelor of Science Degree Major: Real Estate/Finance Numerous domestic and international conferences and seminars relating to commercial real estate financing, capital markets, property development, banking regulations, pension fund investment strategies, asset securitization, bankruptcy/insolvency, litigation management, environmentally impaired properties and receivership management. |
Language Skills
| Language | Proficiency |
|---|---|
| English | Have authored over 30 expert reports and published more than 50 industry articles |