Appraisal & Valuation

Education:

Princeton, 1964 (B.A., Economics, with honors)

NYU Business School, 1966 (MBA, Top of class)

Expertise: Mr. Purcell has over 40 years of experience in every area of investment banking including the following:

Mergers & Acquisitions

Leveraged Buyouts and Recapitalizations

Fairness Opinions and Fairness Issues

Adequacy Opinions

Solvency Opinions

Bankruptcy issues, including fraudulent conveyance

Valuations

Advice to Special Committees of Boards

Due Diligence and Disclosure Issues

Fiduciary Issues

Damage issues and analysis

Lender Liability

Fee issues

Document Interpretation and Standards from investment banking point of views

Criminal cases involving alleged securities violations and insider trading

Financing of Debt and Equity (both public and private, taxable and tax-exempt, including structured financings)

Venture Capital

Leasing and Real Estate Financing

Background: Mr. Purcell was a Managing Director at Dillon Read for almost 25 years and has been a Senior Advisor to a number of medium-sized investment banks. He also has served as interim CEO of a public company and has served on Boards of Directors. Mr. Purcell is currently Senior Director to the Investment Banking Firm of Seale & Associates, Washington, DC. area.

Mr. Purcell has been an expert in more than 100 cases with over 100 Law Firms, including cases for the SEC and the I.R.S. He represents both plaintiffs and defendants. Subjects include all areas mentioned above.

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Eric Risberg is a Commercial Real Estate Expert Witness with nationwide experience and a strong emphasis on California real estate. He has been advising clients on commercial real estate matters since 1993. Mr. Risberg is the founder of Advanced Appraisal International, Inc., based in San Francisco, California. Earlier in his career, he provided commercial real estate appraisal services to American Appraisal Associates, the world’s largest independent valuation firm. Mr. Risberg has appraised property for more than 400 clients, including over 20 Fortune 500 companies in over 30 states.

Noteworthy projects include participation in the valuation of more than 200 investment-grade properties for a major U.S. Life Insurance Company, more than 50 hotel valuations for Marriott International, nationwide retail property portfolio valuations for Copley Real Estate Advisors, and the appraisal of high-rise office buildings in Los Angeles, Chicago and San Francisco.

Mr. Risberg has been hired as an Expert Witness on many occasions and has testified at trials for a number of cases. His expertise is called upon to value complex properties and advise clients on real property matters. Consulting Services are also provided in mediations, arbitrations or other Alternative Dispute Resolution (ADR) settings such as JAMS or the American Arbitration Association to resolve matters that are not expected to go to trial.

Areas of Expertise:

Changes in Market Conditions

Construction Defect Litigation

Forensic Valuations

Land Value Disputes

Real Estate Broker Standard of Care

Ground Leases

Residential Properties

Landlord-Tenant Disputes

Physical Damage Claims to Real Estate Due to a Variety of Natural or Man-Made Causes

Land Use and Zoning Issues

Lease-Option Arbitrations

Divorce Cases

MCS Associates is a nationally recognized consulting group that has provided financial, operations and regulatory/compliance consulting services nationwide to financial institutions, insurance companies and regulatory agencies as well as real estate and financial services organizations for over 30 years.

Expert Witness and Litigation Consulting are a primary focus of our services. We undertake expert witness assignments throughout the United States and our clients include several hundred leading law firms around the country, working on behalf of both plaintiff and defendant financial institutions, borrowers, depositors, investors, developers, insurance companies and their insured, securities/insurance/real estate brokers/agents, regulators and government agencies, and individuals.

Together with MCS Associates’ specialized resources in banking, financial services and real estate, we also draw on key strategic alliances in insurance, economics, academia and the securities industry to meet a wide range of expert witness needs. Our litigation experts include experienced bankers, lenders, consultants, regulators, managers, brokers & agents in insurance, real estate, and securities; insurance claims and underwriting managers; economists, accountants, appraisers, real estate analysts, and academics.

Areas of Expertise Include:

Banking Operations/Administration

Check Fraud

Lending Policies, Custom and Practice

Loan Underwriting & Credit Administration

Sub Prime Loan Originations, Underwriting, Securitizations & Servicing

Bankruptcy, Foreclosures and Workouts

Trust & Fiduciary Issues / Operations

Securities Brokerage & Investments

Valuations & Damages Analysis

Forensic Accounting

Employment / Compensation

Real Estate Brokerage & Management

Title Insurance & Escrow

Real Estate Appraisal & Transactions

Insurance Industry Custom & Practice

Insurance Coverages / Claims Handling

Insurance Bad Faith

Mr. Jerry Zerg, AIA Emiritus, NCARB, ASLA, ASSE, ASID, IIDA, RDI, NCIDQ, IES, CSI, CCI, CCPM, ICC is a practicing multi-disciplined design and construction professional in the fields of Architecture, Landscaping, Construction, Interior Design, Safety, ADA, OSHA & Building Code Compliance, Safety, Lighting, Slip/Trip/Fall,Property Improvements and Furnishings. His initial professional practice began in 1959, his forensic services in 1981.

Mr. Zerg is a practicing professional in all of his disciplines and has been court qualified as an expert witness in all of his disciplines. Approximately 35% of his professional services deal in forensic matters, 50% Plaintiff and 50% Defendant. Mr. Zerg has testified in about 280 depositions, 50+ trials and 30+ arbitrations. He has testified in Federal and State Courts.

He is President of United Design Associate, Inc., a noted Design and Construction Company since 1959. He is the Founder/Dean of Interior Decorators Institute, an educational Institution in the field of interior design.

Mr. Zerg's Professional Designations are Architect, Landscape Architect, General Contractor, Safety Engineer, Interior Designer, Lighting Engineer, Store Planner, Construction Inspector and Certified Construction Project Manager.

Areas of Expertise Include:

Failure Analysis Defects and Damages Architecture Construction Specifications ADA ANSI and OSHA Standards Building Codes Accident Reconstruction Building Inspections Slip / Trip / Fall Arbitration and Mediation Insurance Claims Product Liability Appraisals and Valuations Scope of Loss Reports Contract Disputes

Landscaping and Hardscaping Interior Design Decks and Patios Drainage Systems Trees and Plants Safety Lighting Irrigation Systems Root Control Playgrounds Human Factors Carpets Roofing Tile / Stone Building Design Building Materials

Alexander Anolik, a seasoned trial attorney, is widely recognized as one of the pre-eminent Travel Attorneys in the world. He is president of the largest U.S. law corporation emphasizing the practice of Travel Law and Travel Industry Litigation, with a travel law support staff including attorneys, consultants, paralegals and industry trained registration assistants in his Tiburon, California offices.

Mr. Anolik is a travel industry professional with over 42 years of experience working with clients on all aspects of travel services, including tour operators, travel agencies, injured passengers and providers of travel.

Mr. Anolik has testified or consulted in hundreds of cases on a variety of issues including, but not limited to, evaluation procedures, liability and "custom and practice" within the Travel, Tourism, Transportation and Hospitality Industry. He has provided testimony in various state, federal, legislative, arbitration and mediation proceedings.

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Dr. Michael J. Dreikorn is an Aviation, Space and Defense industry Quality and Regulatory Compliance Expert. Dr. Dreikorn has extensive experience, having held positions such as VP Quality and Product Integrity at Pratt & Whitney; Deputy Division Manager of the Production and Airworthiness Division of the FAA, and other notable leadership and technical positions. His aircraft familiarization includes space vehicles, general aviation, commercial transport, and military aircraft, for both fixed and rotor wing applications.

Areas of Expertise Include:

Accident Analysis / Investigation / Prevention / Reconstruction Aircraft Maintenance / Manufacturing Alternative Dispute Resolution AS9100 and quality standards Business Organization Document Examiner DoD Procurement Rules Due Diligence Engineering Quality Assurance Evidence Protection

Expert Witness Testimony FAA Regulations False Claims Against the Government Human Factors Laboratories Management Responsibility Professional Malpractice Professional Responsibility Regulatory Compliance Safety Management Systems

Alistair Hynd has over 15 years experience in Corporate Finance. He heads the Project Finance and Financial Modelling Team that functions at Baker Tilly Corporate Finance, LLP (Baker Tilly). Mr. Hynd specialises in Project Finance, PFI, PPP and Debt Advisory plus Financial Modeling. Mr. Hynd is an Associate of the Institute of Chartered Accountants in England and Wales (ICAEW) and member of the Institute's Corporate Finance faculty. He is also a full member of the Association of Corporate Treasurers.

Mr. Hynd's team at Baker Tilly can become involved in Project Finance or Financial Modeling in three ways:

Financial Adviser to the Government – structuring projects, evaluating bids, and negotiating detail

Financial Adviser to the Consortium – assembling the bid, refining and optimising it, and acting as interface with funding markets

Acting for the Banks and other Lenders - providing reassurance that the model on which they are lending is fit for purpose.

Other Services Include

Capital Markets: Reporting Accountants, Flotation e.g. advice on Financial Structuring, Accounting Systems and Policies, Share Option, Director / Employer Benefits, Audit and Taxation services

Due Diligence: Historic Performance, Cash Flows, Assets and Liabilities, Forecasts, Working Capital Requirements, Financial Systems and Controls, Taxation

Mergers and Acquisitions / Private Equity:Preparing / Maximise Value from Business Sales, Negotiate Terms and Raise Private Equity / Debt Finance to Support Management Buy Out or Buy In, Raising Private Equity / Debt Finance for Growth, Cash Out or Recapitalisation, etc.

Valuations: Shares, Businesses, Options and Warrants, Various Derivatives, Brands and other Intellectual Property, Film and Media Rights,Income Producing Assets

BTI Appraisal is a broad-based appraisal company which provides a consistently high level of Real Estate Appraisals, Business Valuations, and Machinery and Equipment Appraisals for Business, Professional, Public and Private Sectors.

When you choose BTI Appraisal, you benefit from a strong tradition of experience and accuracy. A corporate philosophy stressing efficiency and attentive service has made us a leader among independent appraisers. We are proud of our reputation for stability, responsiveness, and accomplishment in and out of the courtroom.

At BTI, our seasoned staff of success oriented professionals treats each assignment with precise attention to detail, providing needed research and responsive service on a wide range of appraisal needs.

Expert Profile: BTI’s Founder and Chairman, Ben F. Tunnell III, has headed the firm since 1974. Previously, he spent eight years with First Interstate Bank of California as vice president at their corporate headquarters in Los Angeles. He served on the board of arbitrators for both the American Arbitration Association and the Better Business Bureau. He has also been a Registered Investment Advisor and Broker/Dealer with the Securities and Exchange Commission and a licensed, California Real Estate Broker.

Mr. Tunnell is an ASA, the senior designation of the American Society of Appraisers, and a California Certified General Real Estate Appraiser #AG-6964. He has qualified and testified in Federal and Superior Courts, as well as in arbitration proceedings as an expert witness in business valuations, real estate, and machinery and equipment appraisals.

Carol A. Fidler Kayes is currently practicing as C. A. Fidler & Associates, Inc. She provides a full range of accounting and tax services, valuation and litigation support, with emphasis on Valuations for Employee Stock Ownership Plans, Estate and Gift Tax. Valuations are provided for various industries, including services and manufacturing. Ms. Fidler has given Expert Witness testimony in several cases in Franklin County, Ohio and in other counties of Ohio for divorce, bankruptcy, ESOP-related cases, personal injury and wrongful death.

Capt. Kerry "Ric" Corley, Chief Executive Officer and Principal Surveyor, is part of a small accredited and certified group of professionals in the world who call themselves Marine Surveyors. He is one of the few worldwide investigators certified with the International Association of Marine Investigators.

In addition to being an All Lines Adjuster, Captain "Ric" is a Senior Marine Surveyor, an Accredited Marine Surveyor, a Certified Marine Surveyor, a Certified Marine Investigator, a Master Mariner (Oceans) and an Airline Transport Pilot.

Captain "Ric" Surveys the Condition, Value, Construction, and Damage of the following:

Yachts and Small Crafts (up to 100 gross ton

Uninspected Commercial Crafts (tugs, barges, cranes, drilling barges)

Marina Facilities (wharfs, piers, docks, bridges, locks, dams)

Hull & Machinery (diesel, steam, electric equipment)

Cargo (general break/ bulk, dry bulk, liquid bulk, "L.P.G.", "L.N.G.", and Rollon / Rolloff (vehicle) loads>

Container Loads

Salvage (Hull)

Fishing Vessel