NEXT EVENT

“Equity allocation for complex capital structure” – interpreting the operating agreement with Tade Akinkugbe

  • Connelly’s Pub at 14 East 47th Street, New York, NY 10017
  • Tuesday, January 22, 2019
  • 6:00pm to 8:00pm

Join Tade Akinkugbe as she provides a broad overview of methods of allocating value based on various equity instruments and interpretation of rights incorporated in operating agreements. It will also include a more in-depth discussion on the option allocation/calibration based on last round of financing. The presentation may be particularly relevant for valuation of mid-market companies with complex capital structure.

Presentation Topics

The presentation will discuss a) valuation of securities in a complex capital structure; b) interpreting benefit above liquidation preference; c) meaningful and substantive rights d) conversion options for debt and preferred equity e) option allocation method/calibration; f) treatment of profit interest in allocation; g) treatment of options in allocation.  She welcomes questions from attendees.

About the Presenter

Mrs. Akinkugbe is a Director in the Valuations and Forensics Services Practice of Citrin Cooperman. She has multiple years of experience performing valuation for financial reporting purposes – stock-based compensation, asset impairment testing, complex equity instruments and intangible assets, M&A, and tax purposes; and with clients in a diverse range of industry including private equity companies, life sciences and biotechnology, restaurants, software development and licensing, entertainment and sports etc. Her work spans ASC 805 (business combinations), ASC 350 & 360 (impairment testing), ASC 718 (equity-based compensation), ASC 820 (fair value measurements), and IRS 409a compliance.

Prior to joining Citrin Cooperman, Tade worked at Deloitte Financial Advisory Services LLP in a similar role.  Tade is the founder and president of Hats and Peas, Inc., a charitable organization focused on providing neonatal intensive care units with non-medical materials to support babies in the units.

PAST EVENTS (2018)

ASA NYC Chapter 2018 Holiday Party

Come celebrate the holidays with your fellow colleagues!

Join us on Tuesday, December 18th at the Capital Grille (Time Life Building at 121 West 51st St) from 6:00 pm to 9:00 pm for our annual Holiday Party.  Your admission fee includes a four-course dinner, wine and beer open bar and networking opportunities.

As part of the evening, Donald Palmieri, President and founder of Gem Certification & Assurance Lab, Inc., will give us an update on the current state of the gem and jewelry business.

November 2018

ASA New York: Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies

  • Connelly’s Pub at 14 East 47th Street, New York, NY 10017
  • Tuesday, November 20th, 2018
  • 6:00pm to 8:00pm

Presentation Overview

Garrett Sussman, CFA will give a presentation on the valuation of portfolio companies of investment firms. Discussion topics will include:

  • Background to the Guide
  • Fair Value and related concepts
  • Market participant assumptions
  • Valuation of equity for simple and complex capital structures
  • Consideration of control and marketability in fair value estimates
  • Calibration techniques

About the Presenter

Garrett is a Manager in KPMG’s New York Economic and Valuation Services practice. He has more than 14 years of experience in the valuation and financial services industry. Garrett is responsible for performing valuation services for a range of purposes including financial reporting, tax planning, and M&A advisory services. Within the valuation services practice, Garrett is focused on valuing alternative investments for private equity firms and hedge funds

Garrett is a member of the Economic and Valuation Services practice specializing in valuation services for alternative investments. He holds a BA from Johns Hopkins University, MBA from New York University and is CFA Charterholder

October 2018

ASA New York Contingent Consideration Valuation Overview by Ankur Bhagat

  • Connelly’s Pub at 14 East 47th Street, New York, NY 10017
  • Monday, October 15th, 2018
  • 6:30pm to 10:30pm

Presentation Overview

Mr. Ankur Bhagat will provide and overview of a number of important issues related to valuation of contingent considerations. The presentation will include:

  • Overview
  • Types of contingent considerations
  • Valuation framework
  • Market risk & Market risk measures
  • Volatility
  • The larger context (operating leverage, management forecast, transaction economics, IRR etc.)

About the Presenter

Ankur Bhagat is a manager in the Deals Valuation practice, specializing in the analysis and valuation of complex financial instruments for risk management, investing decision, tax and financial reporting purposes.

Ankur has over a decade of extensive experience leading wide range of valuation and risk management issues covering equity, fixed income and hybrid securities, such as preferred equity or convertible bonds, as well as options, derivatives and contingent payment agreements. He has led numerous engagements particularly related to fair value of debt arrangements, contingent payments, bifurcated embedded derivatives, complex incentive units, and sophisticated partnership arrangements with complex waterfall agreements.

Prior to joining PwC, Ankur worked in multiple capacities at Accenture, Deloitte Consulting, and Goldman Sachs where his experience ranged from management consulting to technology.

Ankur holds a Masters in Finance from, London Business School, U.K; a Master of Engineering from Stevens Institute of Technology, New Jersey; and a Bachelor of Engineering from Jiwaji University, India.