In the Press

illamette Management Associates analysts are frequently called upon by the media to provide our expertise with regard to business valuation, intellectual property analysis, economic analysis, and financial advisory issues. Listed below are some of our most recent inclusions in the media. To contact one of our professionals for their expertise for an upcoming news story, please contact Hale Chan at (773) 399-4339 or htchan@willamette.com.

May 10, 2009 “True Value Hard to Calculate” Atlanta Journal Constitution

Mike Hartman, Atlanta office principal and director of Employee Stock Ownership Plan services, was interviewed for the Pro/Con column on the effect of recent market turmoil and the recession on valuations of closely held companies.

March 12, 2009, Review of Guide to Property Tax Valuation, Arizona Society of CPAs Blog

Robert K. Minniti, CPA, CFE, Cr.FA, CFF, MBA, reviewed our book Guide to Property Tax Valuation. Here is an excerpt from his review: “Overall the concepts in the book are easy to understand and follow, and the flow of the book goes from elementary to more complex valuations. . . . The authors explain the use of the market approach, the cost approach and the income approach, in determining valuations of assets. In Chapter 27 following the presentation of the USPAP standards the authors present seven common errors found in valuation reports, so don’t skip this chapter thinking it won’t apply to CPAs. Also, Chapter 32 gives some good insight in presenting expert testimony on valuation issues. I would recommend this book as a good addition to the library of any CPA performing valuations for commercial property tax appeals, something we might all be doing more frequently with the declining asset prices in our current economy.” For the full review, click here.

December 18, 2007 “Are the Dolphins worth $1 billion?” Miami Herald

Jackie DeRosa, a principal of the firm, was interviewed in a story about how a professional football team is valued. The story was within the context of the potential sale of the Miami Dolphins football team.

June 2007 "Analyst Insight," Media Business

Carolyn Armbrust, a manager of Willamette Management Associates in the Westport, Connecticut office, was the expert analyst in a column dealing with the media industry specifically and mergers & acquisitions in general. Armbrust offered advice on what buyers and sellers should be cognizant of when entering into an M&A transaction.

September 11, 2006 "Experts Warn on Common M&A Integration Pitfalls," Factset Flashwire Weekly

Robert Reilly, managing director, was interviewed for the current edition of the M&A publication, Factset Flashwire Weekly. The article focuses on the problems that many companies have after they merge. The article also discusses what companies can do or could have done to prevent such post-merger problems.

August 11, 2006 "Strength in Numbers," Baltimore Business Journal

Robert Reilly, managing director, was extensively quoted for a feature story on CPAs as expert witnesses. The story discussed the requirements needed to be a credible expert witness and the potential pitfalls for CPAs looking to offer this service. Robert emphasized that it is very easy for an expert witness to have his or her reputation permanently damaged if the expert is not fully prepared and qualified to be an expert witness. Robert also noted that judges are becoming more critical of whom they qualify as experts.

July 24, 2006 “’Fabulous rate of return’ from Sonics/Storm selloff,” Seattle Times

Jackie DeRosa, a principal of the firm, was interviewed in a story about valuing professional sports teams. The story was within the context of the sale of the Seattle Sonics, the professional basketball team.

July 2006 "What Do You Know?” CFO Magazine

Robert Reilly, managing director, participated in a story focusing on the need for tracking a company’s patent portfolio. Patents can add significant value to a company while a patent dispute can cause a company’s value to significantly decrease. Robert offered suggestions as to how companies might effectively manage their patent portfolios.

June 28, 2006 "On the Block,” InsideCounsel

Mark L. Zyla, a firm principal, was interviewed in an article about patent auctions—a new development in the corporate world involving intellectual properties. The article discussed the first intellectual property auction and explored this new methodology for buying and selling intellectual property rights.

February 20, 2006 "Going-Privates See Resurgence,” Factset Flashwire Weekly

Robert Schweihs, managing director, was featured in an article about why large and small public companies are electing to go private. The article discusses the various reasons this event is more common today than in years past.

February 13, 2006 "Fairness Under Fire,” Factset Flashwire Weekly

Craig Jacobson, senior manager, was quoted extensively regarding the current controversy about the utilization of fairness opinions. He offered remarks about the conflict of interest issues that surround the controversy as well as using information from the recent New York Stock Exchange/Archipelago merger that has been so highly publicized. Craig was on the team that worked on this case.

November/December 2005 "Tips for Finding an Appraiser,” debt3 Magazine

Robert Reilly, managing director, was interviewed for the article, which focused on seeking an appraiser. Among other factors, Robert suggested that experience should be top on the appraiser’s qualifications, but not just any experience. He stressed that, “Specifically one should look to the appraiser’s experience in the particular industry of the debtor corporation.”

November 21, 2005 "The New Fed Chairman & the M&A Connection: Interview with Willamette Management Associates’ Robert Reilly,” Factset Flashwire Weekly

Robert Reilly, managing director, was interviewed regarding his perspectives about how Ben Bernanke might impact the financial markets in his new term as the Chairman of the Federal Reserve.

July 25, 2005 "ESOPs Emerge as an Exit Strategy," FactSet Flashwire Weekly

Mike Hartman, a principal of the firm, was featured in an article discussing ESOPs within an M&A context. Mike offered insights on how business owners can leverage ESOPs when they are thinking of stepping away from their business. He added that he is "seeing a spike in demand as lenders lose their fear of ESOP lending."

May 2, 2005 "The Reasonableness of Executive Compensation," Directors and Boards—e-Briefing

Bob Schweihs, a managing director of the firm, was profiled in the readers' Q&A section. He discussed why the executive compensation issue has been in the media limelight of late and what are some of the concerns that institutions like the IRS may have with this issue.

March 1, 2005 "A Question of Value," CFO Magazine

Robert Reilly, managing director, was interviewed in the magazine's 20th anniversary edition. Robert participated in a story about the evolution of knowledge that allows the marketplace to more accurately value business assets. The article also touches upon why acquirers sometimes still overpay in a business transaction despite the better accuracy of today's valuation methodologies.

February 22, 2005 "Courts and Torts: Touching on Intangibles," CFO.com

Robert Reilly, managing director, participated in an article about intellectual property (IP). The article discusses how many companies mismanage their IP and why this takes place. Other article themes include the rise of IP-related litigation cases and the impact of the Sarbanes-Oxley Act.

February 11, 2005 "IP Valuation, Other Processes On the List for SOX Compliance," Corporate Accountability Report

Robert Reilly, managing director, was interviewed for an in-depth article explaining the impact of the Sarbanes-Oxley act on a company's intellectual property.

February 12, 2005 "Analysts: Shortened NHL Season Would Be a Big Mistake," Associated Press

Jackie DeRosa, a principal of the firm, participated in a story about the National Hockey League and the current lock-out of its players. The article discussed the future viability of the league should the season be cancelled. Jackie offered expert commentary about the potential impact that this labor problem would have on the teams' value.

November-December 2004 "Detecting the Undetectable," CFA Magazine

Robert Reilly, managing director, was interviewed in an article focusing on why the practice of valuing intangibles is not a standard operating procedure for investment analysts. In addition to exploring those issues, the article also discusses how financial professionals can begin to value intangibles.

September 27, 2004 "New FASB Rule May Stunt M&A in 2005," Factset Flashwire Weekly

Robert Reilly, managing director, was interviewed for the lead story focusing on FASB's announcement that companies, private or public, should value and recognize employee stock options on the date of the grant. The article also discussed the flexibility that companies have in determining which valuation model to use in valuing their stock options.

September 13, 2004 "How Will the Presidential Election Affect Mid-Market M&A," Factset Flashwire Weekly

Mike Hartman, a principal of the firm, offered his opinions on how the upcoming presidential election might impact the mid-market mergers & acquisitions marketplace. He believes that a Kerry victory could mean capital gains rates will jump 25%, which he thinks would force investment bankers to look for alternative deal structures.

July 19, 2004 "View from the Front Lines of the Lower Middle Market," Factset Flashwire Weekly

Mike Hartman, a principal of the firm, was interviewed in an article discussing the level of merger and acquisition activity in the middle markets. While the level of activity is currently slow, Mr. Hartman expects this segment of the market to be getting stronger.

July 2004: "Market Gets Giddy Over Trademark Securitizations," Corporate Legal Times

Bob Schweihs, a managing director of the firm, participated in an article discussing how securities deals are based on trademark rights. The article discussed the factors fueling the rise in the number of intellectual property securitizations as well as the valuation of the intellectual property.

June 2004: "Crunching the Right Numbers for Acquired Intangibles," Mergers & Acquisitions—The Dealmaker's Journal

Robert Reilly, managing director, was quoted in the cover story focusing on SFAS 141 and SFAS 142. One of the story's themes is how buyers of companies have to consider how a transaction may affect financial reporting. In particular, Robert stated that "public entities are very sensitive to reported earnings per share, which would be impacted by the amortization of intangibles."

June 2004: "How to turn paper into gold—IP strategies," Minnesota Business Journal

Robert Reilly, managing director, offered his insights for the article discussing how a company can offer its intellectual property as collateral to raise funds.

May 24, 2004 "Dealmaking Insight of the Week," Factset Flashwire Weekly Corporate Financial News

Pamela Garland, senior manager, was interviewed for a story regarding a survey that she developed pertaining to the premium for voting rights and the discount for lack of voting rights.

May 2004 "The Fight for Independence," Washington Business Journal

Tim Meinhart, senior manager, was quoted in an article regarding the sale of a bank in Washington, D.C., and the dispute as to the fairness of the sales price. Tim commented on the effects of declining revenues and assets in the marketplace and its effect on price.

May 17, 2004: "Extreme Makeover—Fresh-Start Accounting Enables Companies Exiting Bankruptcy to Reshape Balance Sheets. But Dressing up the Numbers May Be Controversial." The Deal

Robert Reilly, managing director, was quoted in an article about fresh-start accounting. The article focused on post-bankruptcy bookkeeping and how it gives corporations a second chance to succeed.

March 2004: "How New Rules Affect The M&A Valuation Process," Mergers & Acquisitions—The Dealmaker's Journal

Robert Reilly, managing director, was quoted in a story regarding how the current corporate governance and accounting reforms prompt companies to use third-party specialists for some M&A engagements. Robert commented that Sarbanes-Oxley rules have "sparked heightened scrutiny of all aspects of the deal process..."

January 2004: "The Complexities of Pricing Post-Bankrupt Companies," Mergers & Acquisitions-The Dealmaker's Journal

Robert Reilly, managing director, was included in the journal's inaugural column on business valuation. He commented on why a buyer would use forward-looking financial statements as opposed to historical financial statements in estimating the fair market value of the assets of a reorganized company.

December 2003: "What Buyers Are Willing to Pay," Mergers & Acquisitions: The Dealmaker's Journal

Robert Reilly, managing director, was quoted in a story about the strategies of strategic vs. financial buyers.

November 17, 2003: "Communications Breakdown," Corporate Acquisitions

Robert Reilly, managing director, participated in an article about the telecom industry. The article focused on the status of mergers and acquisitions within this industry and the effects of competition among the telecom participants.

November 17, 2003: "Following the Money," Corporate Acquisitions

Robert Reilly, managing director, was interviewed in a story about the increased activity in the U.S. mergers and acquisitions market. The story highlighted the comparisons between the public markets and private companies and discussed sales multiples and timing factors involved in the transactions.

August 15, 2003: "Hearst Puts P-I up for Sale but Hopes to Prevail in Suit," Seattle Post-Intelligencer

Dan Van Vleet, principal of the firm's Chicago office, was quoted in an article about the process of valuing large metropolitan newspapers.

May 20, 2003: "Salon Perks up Pitch, Features Interactivity," Chicago Tribune

Robert Reilly, managing director, was interviewed for the paper's "Inside Retailing" column on the proposed sale of Sears, Roebuck and Co.'s credit card division. Robert covered some of the steps involved in such a transaction.

May 1, 2003: "Some Experts Contend that Options-Pricing Models Give a Better View of Cost of capital," CFO Magazine

Robert Reilly, managing director, was one of the financial experts interviewed by CFO magazine regarding the difficulty of measuring the cost of a company's equity. Robert offered his perspectives on the use of the capital asset pricing model as an adequate means of estimating the cost of equity.

March/April 2003: "Securities Reform: What to Watch For," CFA Magazine

Bob Schweihs, a managing director of the firm, participated in an article detailing the Sarbanes-Oxley Act. The article explains the requirements under the Act and resulting SEC regulatory proposals or final mandates.

March 1, 2003: "VCs Get More Diligent About Due Diligence," Venture Capital Journal

Robert Reilly, managing director, provided significant commentary in an article about why venture capitalists should be more diligent in assessing the intellectual property of targeted companies.

December 31, 2002: "Skip Personal New Year's Resolutions," The Oregonian

Jim Rabe, co-director of our Portland, Oregon, office, was quoted in an article about why businesses have to be more accountable regarding their financial and business matters. Jim discussed the potential ramifications of executive stock options.

Week of December 24, 2002:, Viewpoints Radio Program

Bob Schweihs, a managing director of the firm, participated in an interview discussing oversight of the accounting profession and what it means for consumers. Arthur Levitt, former SEC chief, was also on the program. The program was broadcast on more than 180 radio stations nationwide.

November 24, 2002: "Sarbanes-Oxley Makes Privatization Attractive for Small Public Cos.," Corporate Financing Week

Bob Schweihs, a managing director of the firm, participated in an interview discussing a potential rise in the number of public corporations going private in the wake of the Sarbanes-Oxley Act.

October 11, 2002: "Mo’ Better Blues," CFO.com

Robert Reilly, managing director, contributed to an article about the SEC asking companies to file their financials faster and the repercussions of this request.

September 2, 2002: "'Weighted Valuation, Discount for Capital Gains Tax Okayed," Lawyers Weekly USA

Curtis Kimball, a principal of the firm and director of our Atlanta office and our Gift and Estate Tax Practice, was quoted extensively in this article regarding the Dunn v. Commissioner 5th Circuit Court of Appeals decision reversing the earlier U.S. Tax Court decision.

June 18, 2002: "Exit Rush May Slow Phaseout of Auditing," Chicago Tribune

Robert Reilly, managing director, shared his views in an article about likely scenarios for Andersen going forward after their conviction.

June 17, 2002: "Without Audit Practice, Not Much Left," Chicago Tribune

Bob Schweihs, managing director, was quoted in an article about the potential future of Andersen.

May 19, 2002: "Don't Take it with You," The Oregonian

Curt Kimball, national director of gift and estate valuation, and Jim Rabe, co-director of the Portland, Oregon, office, were quoted in an article about minimizing estate taxes.