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 BTI a leader among independent appraisers. They are proud of their reputation for stability, responsiveness, and accomplishment in and out of the courtroom. At BTI, their 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.
Litigation Support - 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.
Donald M. May PhD, CPA, Managing Partner at DMA Economics, LLC, possesses over 30 years of Valuation and Economic Damages experience. He implements a broad range of damage analyses and valuations for clients, including billion-dollar investment funds under SEC investigation as well as multi-national firms involved in intellectual property disputes, consumers in product mislabeling cases, and small to mid-sized businesses involved in complex commercial litigation.
Background Experience - Prior to founding DMA Economics LLC, Dr. May was Managing Director at Berkley Research Group and the Principal in charge of valuation and litigation support services for a regional accounting firm, a Managing Director for PricewaterhouseCoopers, and a professor at the Massachusetts Institute of Technology - Sloan School of Management. He has performed over 200 valuations of closely held businesses across numerous industries for financial reporting and estate planning. Dr. May has been published in several distinguished academic and practitioner journals such as The Journal of Finance, The Quarterly Review of Economics and Finance, Hedge Fund Law Review, and is currently an editorial board member of The Journal of Business Valuation and Economic Loss Analysis.
Litigation Support - Dr. May is a world class expert in the Valuation of Damages. Dr. May has prepared expert reports and testified in federal and state courts as well as AAA, JAMS, and FINRA arbitration hearings, and has also effectively communicated as an expert witness testifier and consultant in several multi-million dollar cases.
Recent Litigation Matters:
Misrepresentations in Leveraged Buyout (“LBO”) Financing Practices
Theft of Trade Secrets, Trade Dress, and Intellectual Property
Food Product Mislabeling
Securities Fraud Under SEC Section 10b-5 and Section 11
Accounting Misstatements in Public and Private Company Acquisitions
Lost Profits and Lost Enterprise Value Associated with Product Defects and Breach of Contract
Mascara falsely labeled as being natural. Label claims “Natural” fibers on mascara are alleged and proven to be false. Class action filed and DMA Economics is tasked with computing aggregate damages to the class who purchased the mascara at a premium because they believed it was natural.
The fund managers were alleged to have violated their fiduciary duty to maintain proper diversification in the fund by allowing one particular security to make up more than 25% of fund value and up to over 40% of fund value by mid-2015.
This article finds evidence consistent with the hypothesis that managers consider personal risk when making decisions that affect firm risk. I find that Chief Executive Officers (CEOs) with more personal wealth vested in firm equity tend to diversify. CEOs who are specialists at the existing technology tend to buy similar technologies. When specialists have many years vested, they tend to diversify, however. Poor performance in the existing lines of business is associated with movements into new lines of business.
Dennis M. Giuffré is an Economist and Professional Engineer in private practice since 1978, and previously with the consulting firms, Allstates Engineering Company and Equitable Environmental Health, Inc.
Background Experience: Prior to a consulting career, Mr. Giuffré engaged in basic subsurface research at Texaco, Inc., corporate planning and development at the Gulf Oil Corporation, process engineering and design at the Petro-Tex Chemical Corporation, and process engineering and economics at the Olin Corporation, among other companies.
Economic Damages Expert Services: Mr. Giuffré provides expert witness services primarily in the area of Economic Damages, and in related economics and technical issues. He has been engaged by both plaintiffs and defendants, and has testified as an expert witness in federal and state courts, and in arbitration and administrative hearings.
Mr. Giuffré has been retained as a damages analyst and expert in insurance claim losses, patent and other intellectual property infringement, trade secrets misappropriation, antitrust, breach of contract, deceptive trade practices, unfair competition, unconstitutional taking, products liability, negligence, breach of fiduciary duty, fraud, defamation, slander, trespass, legal malpractice, and numerous other causes of action pertaining to business entities; as well as in personal injury, wrongful death, medical malpractice, discrimination, retaliatory discharge, class action, and other causes of action pertaining to individuals and households.
Joe Carlen, MBA, MISM, CVA, is a Certified Valuation Analyst with over 20 years of Business Analysis experience. He offers a strong combination of intellectual property, valuation, business and technology knowledge coupled with strong analytical and writing skills. Collectively, these translate to well-written and well-reasoned valuation reports and expert witness testimony.
Litigation Support - Mr. Carlen has been hired and prepared reports for cases pertaining to business valuation, patent valuation, and both patent infringement and trademark infringement matters. These have spanned multiple industries -- from high-tech to pharmaceuticals and alternative energy to less technology-intensive industries like hospitality, pet supplies, textiles, etc.
As a non-attorney associate of the national patent law firm Russ Weinzimmer & Associates, P.C. since 2006, Mr. Carlen brings his extensive experience with patents, trademarks, and copyrights to his expert witness work. Over the years, Mr. Carlen has completed over 200 market assessments and valuation reports for patents, trademarks and copyrights of almost every industry. He has also assisted in the preparation of some patent applications. There are relatively few valuation and damages experts with a comparable level of experience with intellectual property.
Mr. Carlen, the author of a comprehensive biography of valuation guru Benjamin Graham, brings his strong financial analysis and valuation skills to bear on all projects. He has been a Certified Valuation Analyst (CVA), in good standing with the National Association of Certified Valuators and Analysts, since 2014. Mr. Carlen earned an MBA from the University of Pittsburgh and an MISM (Information Systems) Master’s degree from Carnegie Mellon University.
A published author of multiple business books, Mr. Carlen has also contributed finance-related articles to CNBC, ValueWalk, Bloomberg and other financial media outlets. As multiple attorneys have noted, Mr. Carlen's reports are always well-written and thoroughly researched. He has also spoken at Columbia University, the University of California, Fordham University, The Museum of American Finance and other prestigious venues, organizations, corporations and conferences. He is an experienced and confident speaker who presents well in court.
This book charts how the pursuit of profit by private individuals has been a prime mover in revolutionizing civilization. Consulting rich archival sources, including some that have never before been translated, Carlen maps the course of human history through nine episodes when entrepreneurship reshaped our world. The author also discusses the new entrepreneurs who, through the nascent space tourism industry, are leading humanity to a multiplanetary future. Altogether, Carlen brings much-needed detail to the role of entrepreneurship in shaping history.
Warren Buffett-widely considered the most successful investor of all time-has repeatedly acknowledged Benjamin Graham, the “father of value investing”, as the primary influence on his investment approach. Indeed, there is a direct line between Buffett’s record-shattering investing performance and Graham's investing system that revolves around ascertaining the true business value (aka “intrinsic value”) of publicly-traded companies. The author distills the best from Graham's extensive published works and draws from personal interviews he conducted with Warren Buffett and many other top investors, as well as Graham's surviving children and friends. Carlen's book integrates Graham's eventful life with his proven techniques for generating wealth.
Nevium’s experts are trial-tested IP custom & practice damages experts who take a hands-on approach with all their IP litigation assignments. Whether you are in need of an expert to calculate economic damages as lost profits / unjust enrichment, give an opinion on specific business clauses in a license agreement or to leverage Internet and Social Media analytics to prove or disapprove infringement, Nevium has the experience and expertise.
Litigation Support:Nevium works closely with C-Level executives, in-house and outside counsel to implement the best possible business strategy that intertwines with the legal strategy. Nevium is part of the team early on in the litigation process assisting with discovery requests and deposition questions. Nevium’s experience and expertise allows the managing attorney to focus on the legal issues knowing that Nevium is proactively taking care of the business side of the case. As experienced Intellectual Property Consultants, they have real-word, hands on IP management, monetization and valuation experience that plays out well in front of a judge and jury. Nevium professionals provide IP expert witness testimony related to economic damages in a range of lost profits, unjust enrichment, relief from royalty, reasonable royalty, relief from pay per click, corrective advertising and IP valuation. They author reports and provide testimony for federal and state court claims, arbitration, and mediation related to false endorsement, defamation, infringement and unfair competition.
Publicity Rights Damages
Internet and Social Media Damages
Areas of Analyses Expertise
Relief from Royalty
Relief from Pay Per Click
Past Law Firm Clients
Akin Gump Strauss Hauer & Feld
Gordon & Rees
Higgs Fletcher & Mack
Latham & Watkins
Pillsbury Winthrop Shaw Pittman
Dorsey & Whitney
Winston & Strawn
Doug Bania, CLP, Founding Principal Doug Bania is a founding principal of Nevium Intellectual Property Consultants. Nevium is an intellectual property consulting firm specializing in developing IP strategies, IP valuation and monetization of IP as well as providing expert testimony related to IP damages and licensing customs and practices. He has been the named expert for over 75 cases, deposed 20 times and has provided trial testimony 5 times.
Mr. Bania is a Certified Licensing Professional (CLP), a Google Analytics Certified Individual (GAIQ) and is a past committee member (2016 - 2019) for the International Trademark Association (INTA) Internet Committee and the ICANN Compliance and Domain Name Industry Subcommittee, a current member of the INTA Right of Publicity Committee and the American Bar Association (ABA), Copyright & Social Media Committee.
Mr. Bania specializes in analyses for copyright, trade dress, trade secrets and trademark infringement, publicity rights, social media and Internet infringement, defamation, marketing strategy analyses, royalty rate determinations and other intangible assets. Mr. Bania also provides valuation and monetization strategies for trademarks, trade secrets, publicity rights, domain names, Internet and social media assets, brands, copyrights and other intangible assets for financial reporting, bankruptcy and transactional due diligence.
Brian Buss, CFA, Founding Principal, is a Chartered Financial Analyst with over two decades of experience providing intellectual property and business valuation, expert testimony and transaction advisory. Mr. Buss provide solutions for IP owners, attorneys and licensees both in the United States and overseas. He has a bachelor’s degree in Biology and Economics from Claremont McKenna College and completed the Executive MBA program at San Diego State University.
An expert in valuation and economic damages calculations, Mr. Buss has valued copyrights, brands, patents and business interests across a wide range of industries from apparel companies to airports and from technology start-ups to global consumer products companies. Often engaged to analyze unique and proprietary assets and their economic impact and contribution to financial results, he works closely with clients and counsel to develop thorough yet clear and understandable analyses.
San Diego Office 415 Laurel Street, Suite 341 San Diego, CA 92101 Telephone: 858-255-4361 Email: firstname.lastname@example.org
Los Angeles Office 9107 Wilshire Blvd., Suite 450 Beverly Hills, CA 90210 Telephone: 310-975-3145 Email: email@example.com
Based on our knowledge of and ability to analyze and value businesses, valuation professionals are uniquely positioned to provide valuable information to business owners and managers regarding the financial value of their brand assets. In other words, how a company's brand assets are contributing to the company's overall financial performance. This "Special Issue" of The Value Examiner is intended to kick-start the discussion on brand valuation by identifying the opportunities and challenges in completing brand valuation assignments for our clients.
Use of the Internet and social media has become an increasingly essential element of conducting business in the United States and globally, which in turn raises new issues for calculating damages and performing valuations. With almost every business now using the Internet and social media to conduct business, cases of Internet IP infringement, IP misuse, and defamation have increased and evolved. Before the rise of these new media, cases of infringement and defamation typically occurred in print or on television and were visually obvious.
Most of the existing literature on copyright infringement is concerned with the valuation of intellectual property rather than the apportionment of the value that is directly attributable to the intellectual property asset at issue. Further, few of the currently proposed IP valuation methods and little of the literature addressing the determination of damages appears directly applicable to the case of copyright in the context of artistic productions. Within the creative arts, recorded music offers a particularly complex and interesting case within which to explore this issue, as different portions of the relevant copyright to the recorded song may be held by different persons.
The team at Nolte Analytics, LLP includes experts with over 40 years of experience performing Damage Analyses, Valuation, Economic Studies, and Financial Investigations. Their experience prevents false starts and avoidable errors, delivering more cost-effective results.
Clients have included companies in the following industries: aerospace, automobile, banking, beverages, construction, electronics, technology, energy, entertainment, food, government, insurance, oil and gas, pharmaceuticals, restaurants, retail, and more.
The experts at Nolte Analytics have been quoted or published in the following, often multiple times: The Wall Street Journal, Los Angeles Times, The Associated Press, The New York Times, The Washington Post, Daily Journal, Los Angeles Lawyer, Los Angeles Business Journal, and many others for their opinion on matters relating to their area of specialization.
Litigation Support - Nolte Analytics' client work focuses primarily on valuation of businesses and intangible business assets, economic studies, royalty and fraud auditing, and litigation-related financial analysis. Their experts have served many of this country’s prominent companies and most of the largest law firms, with thousands of hours of testimony and over 200 trial testimonies. They typically present conclusions graphically, using a proprietary presentation system. As a result, they have an unequalled track record of judges and juries accepting their conclusions.
Areas of Expertise:
Business and intangible asset appraisal, loss of business value, minority shareholder disputes, buy-sell agreements
Commercial damages measurements, including, unjust enrichment, lost profits, disgorgement, breach of contract, business interruption, business interference, patent infringement, trademark infringement, patent, copyright and trademark infringement, theft of trade secrets, reasonable royalties
Employment claims, wrongful termination, wrongful death, personal injury, future lost earnings, loss of earnings capacity, loss of benefits
Financial accounting Forensic accounting, royalty and compliance audits, fraud investigations
J. Armand Musey, CFA, JD/MBA, founder and president of Summit Ridge Group, LLC, provides expert witness testimony for the Telecom, Media, and Satellite Industries. Mr. Musey is a highly regarded financial analyst with expertise in Asset Valuation, Business Valuation, Financial Analysis of Economic Damages, and Financial Scenario Analysis.
Mr. Musey also has significant experience in corporate governance and investment research practices. He offers litigation support for clients with complex financial analysis or valuation projects. His background also includes Wall Street research methods and practices on behalf of defendants in insider trading cases.
Mr. Musey's industry knowledge, financial expertise, and extensive writing experience allow him to expediently craft well-argued independent written direct testimony documents that withstand scrutiny in depositions and during courtroom cross-examination. Prior expert witness experience and years of communicating with investors of all types have honed his skills at orally communicating his industry knowledge and financial expertise. Moreover, Mr. Musey's legal background facilitates his ability to communicate with legal professionals, understand the legal relevance of case facts, and efficiently read legal documents.
Areas of Expertise Include:
Industry and Business
FCC Spectrum Licenses (including orbital slot valuation and wireless spectrum valuation)
Satellite Communications Industry and Related Media and Telecommunications Topics
Financial and Economic
Financial Analysis of Economic Damages
Financial Scenario Analysis
Investment Research Practices - including accepted used of information sources and relationships with company management
William "Bill" Redpath, ASA, CFA, CPA, ABV, CIPM, Managing Director at Summit Ridge Group, is a Business Appraiser with 36 years experience valuing companies and assets in the Broadcast, Media, and Telecommunication Industries.
Mr. Redpath currently heads the Chicago office of Summit Ridge Group. Before joining Summit Ridge Group, he worked for nearly 35 years at BIA Advisory Services, LLC, where he completed hundreds of fair market valuations and purchase price allocations for financial reporting and tax reporting purposes.
Previously, Mr. Redpath was a Senior Financial Analyst at NBC and an Internal Auditor at ABC (both in New York), Assistant Financial Manager at WISH-TV, Indianapolis, and a Staff Auditor at Arthur Andersen & Co. in Cincinnati.
Litigation Support - Mr. Redpath has participated in nearly 100 litigation support projects, including 36 depositions, and has testified in court or at arbitration hearings 24 times.
Areas of Expertise
Litigation Support Business Valuation
Valuation Theory / Methodology
Media and Entertainment
Cable & Satellite
Accredited Senior Appraiser (ASA), Business Valuation
Chartered Financial Analyst (CFA)
Certified Public Accountant (CPA), Virginia
Accredited in Business Valuation (ABV)
M.B.A., University of Chicago (Booth)
B.A., Economics & Political Science, Indiana University
Richard M. Teichner, CPA, ABV, CVA, MAFF, CFF, CRFAC, CRFAU, DABFA, FCPA, CGMA, CDFA, licensed in both Nevada and California, has over 45 years of experience in public accounting, and for approximately 25 of those years his areas of practice have been primarily providing expert services and consulting services in business litigation and family law matters. With offices in Reno and Las Vegas, Nevada, Mr. Teichner's practice extends to various jurisdictions throughout the United States. Although Mr. Teichner's services are mainly weighted toward complex business litigation and divorce matters, they also include performing valuations of businesses and business interests for estate tax and gifting purposes and for buy-sell situations. Clients have been both businesses and individuals involved in various industries, such as manufacturing, distribution, retail sales, construction, real estate development, and transportation, and in professional practices, e.g. medical, law and accounting, and other service businesses.
Litigation Matters - Expert services are provided to business litigation and family law litigation attorneys representing either plaintiffs or defendants. Mr. Teicher has testified over 45 times at trial and approximately 40 times at depositions. He has been engaged as a testifying expert or consultant in a variety of complex business litigation and family law matters. Such matters have involved forensic accounting, damages claims; contract disputes; disputes among business owners; fraud, including white collar crime; breaches of fiduciary duty; standards of care; and personal injury and wrongful death. Family law matters have involved property division, tracing, marital waste, alimony, business valuations, and tax implications of divorce.
Areas of Expertise:
Economic Damages / Lost Profits
Personal Injury / Wrongful Death Damages
Divorce and Family Law Matters
Business Valuations / Appraisal
Intangible Assets Appraisal
White Collar Crime
Standards of Care; Breach of Fiduciary Duties
Reno Office 3500 Lakeside Ct, Suite 210 Reno, Nevada, 89509 Telephone: 775-828-7474 or (775) 530-5106
Las Vegas Office 8275 S. Eastern Avenue, Suite 200 Las Vegas, Nevada 89123 Telephone: 702-724-2645 or (702) 467-8335