NEXT EVENT

May 28, 2019

Management Incentive Units

  • Connelly’s Pub at 14 East 47th Street, New York, NY 10017
  • Tuesday, May 28, 2019
  • 6:00pm to 8:00pm

Join us on May 28th at Connolly’s from 6pm to 8pm as Amanda Lessiohadi, CFA will present an overview of management incentive units (a form of equity compensation issued by private companies to employees, management, directors, consultants or investors).

By the end of the presentation, attendees will be able to:

  • Identify how MIUs are recognized in financial reporting
  • Differentiate between the various types of MIU vesting criteria
  • Identify appropriate valuation methodology for MIUs based on vesting conditions

About the Presenter

Amanda is a consultant in the New York City office of RSM US LLP, where she is a member of the Financial Advisory Services Group. Amanda provides business valuations services for financial reporting, management planning, and tax planning and reporting purposes across multiple industries and asset classes including fixed and floating rate debt, convertible debt, preferred equity, common equity, carried interest, warrants and options. Amanda also has experience providing portfolio valuation assurance for Business Development Companies (“BDCs”) and private equity firms holding various debt and equity instruments that need their portfolios valued on a quarterly basis.

Before joining RSM, Amanda spent over four years in EY’s transaction economics group providing debt capacity analyses for purposes of refinancing, restructuring, M&A, and project financing for publicly-traded and privately-held companies. She holds a bachelor of science in finance and international business from Georgetown University’s McDonough School of Business. Her publications include:

• Valuing Management Incentive Units, RSM US LLP, January 2017
• Business valuation post-Tax Cuts and Jobs Act, RSM US LLP, June 2018
• Contingent Consideration: A means of mediation in acquisitions, RSM US LLP, December 2018

PAST EVENTS 

April 16, 2019

Impact of Amazon’s Pullout from Long Island City HQ2 on New York City

  • Connelly’s Pub at 14 East 47th Street, New York, NY 10017
  • Tuesday, April 16, 2019
  • 6:00pm to 8:00pm

Join us on Tuesday, April 16th at Connolly’s from 6pm to 8pm as valuation expert Ronald M. Gold, ASA MRICS will present an analysis of the Amazon HQ2 Pullout in Long Island City.

Presentation Topics

  • Introduction and description of the NYC regional area and vehicular and MTA subway access to and from Long Island City and Manhattan
  • Description of Long Island City
  • Introduction to and the announcement of the the Amazon HQ2 Long Island City choice (November, 2018)
  • The projected benefits of the Amazon LI City HQ2 on Long Island City (December, 2018)
  • The NYC local political opposition to the Amazon HQ2 deal (November and December, 2018)
  • The Bezos divorce (January, 2019)
  • The February, 2019 announcement of the Amazon HQ2 pullout in Long Island City
  • The aftermath of the pullout and its effect on New York City (February and March, 2019)

About the Presenter

Ronald M. Gold, ASA, MRICS is a NY State Certified General Real Estate Appraiser. He has been appraising NY City residential and commercial real property since 1985. Mr. Gold is a Certified expert witness in valuation with the NY State Supreme Court. He is a certified CAGE US Government Appraiser with the US Treasury Dept., Internal
Revenue Service. Mr. Gold has been a member of ASA NYC Chapter #30 since 1989.

March 18, 2019

Shipping Industry Valuation

  • Connelly’s Pub at 14 East 47th Street, New York, NY 10017
  • Monday, March 18, 2019
  • 6:00pm to 8:00pm

Join Basil M Karatzas, Founder and CEO of Karatzas Marine Advisors & Co. as he discusses valuation in the shipping industry. The shipping industry is a highly volatile industry, and certain market segments are still in the aftershocks of the financial crisis. Shipping banks in Europe still hold more than $10 billion in toxic assets in shipping. This presentation may be particularly relevant for those valuing volatile assets.

Presentation Topics

  • Highly volatile industry in terms of asset pricing, as vessel values depend highly on the state of freight market; ships may appreciate or depreciate in value over time depending on freight market conditions. Certain shipowners became billionaires by just “flipping” vessels
  • There are still many ships from last decade that are operationally obsolete due to poor or outdated design or poor workmanship
  • New regulations require considerable CapEx in order for existing world fleet to remain compliant
  • New technologies have increased the risk for technological obsolescence
  • Shipping assets for crude oil / petroleum products trading in the US (“Jones Act” assets) are highly valued due to shale oil boom
  • Shipping and offshore assets in the Gulf of Mexico that re correlated to offshore drilling are facing tough timesAs they say, never a boring day in shipping! But again, trade and shipping is what makes the world go around!

About the Presenter

Mr. Karatzas has extensive experience as shipbroker, shipping finance arranger and vessels appraiser in the tanker, dry bulk, containership, offshore markets, both internationally (“blue water” and open registry) and domestically (“brown water” and Jones Act assets). International footprint and network. He is widely published and quoted in the international press such as the Financial Times, The New York Times, The Wall Street Journal, The Economist and NPR. Mr. Karatzas’ most recent experience acting as Liquidation Trustee for two pelagic purse seiner fishing vessels in Majuro (Marshall Islands) by order of the High Court of the Republic of the Marshall Islands.

Mr. Karatzas is Fellow of the Institute of Chartered Shipbrokers (ICS) in the UK, a member of the Baltic Exchange in the UK, the Royal Institute of International Affairs (Chatham House) in the UK, and the Harvard Club in New York. He holds a B.Sc. – Chemistry and Biology, Houston Baptist University, Houston, TX and an MBA – Finance and International Business, Rice University, Houston, TX. He is also a graduate of the Owner / President Program at Harvard Business School.

February 19, 2019

20th and 21st Century Photography

Chana Benjamin and Dr. Lake-Ewald will present a brief explanation of the photography field in the 20th/21st centuries to serve as background for the unusual photographic discoveries, projects and appraisals undertaken by O’Toole-Ewald Art Associates, Inc. (OTE) over the past decade. Learn:

  • How photography emerged from near obscurity to a prominent place in the art world
  • The steps photography appraisers take in valuing a vast variety of images
  • Why familiarity with the photographic media is necessary for appraisers of photography
  • How significant discoveries can still be made by appraisers of photography
  • How to differentiate between vintage and contemporary photographs
  • Why many photographers are turning away from digital to older photographic methods

January 2019

“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.

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.