Michael Goldman

BANKRUPTCY CASES

• Office 1 Superstores – Chicago, IL – Debtor in Possession

• Always Open Convenience Stores – Chicago, IL – Court-appointed Examiner

• Crowleys Department Stores – Michigan – Consultant for Secured Lender

• Anicom – Chicago, IL – Consultant for the Liquidators

• Sports Shoe – Georgia – Consultant for the Liquidators

• Gyncor – Chicago, IL – Forensic Accountant, Valuation Expert for Secured Lender

• Crown Simplimatic – Delaware – Assist with Prosecution of Avoidance Actions

• Chicago Extruded Metals - Chicago, IL – Forensic Accountant for Creditor

• American Paper – Ohio –Debtor in Possession

• Microelectronic Modules Corp – Wisconsin – Consultant to Junior Lender

• Kenny Industrial Services – Chicago, IL –Debtor in Possession, Consultant to Trustee

• Prepress Graphics – Chicago, IL – Forensic Accountant for Trustee

• Goldblatts – Chicago, IL – Forensic Accountant for Trustee

• Birch Telecom – Kansas City, MO – Interim CFO

• Hoboken Wood Flooring – Wayne, NJ - Assisted Chief Restructuring Officer

• IFC Credit Corp – Pre-petition Consultant to the largest Secured Creditor

• Coastline Manufacturing and related companies – California – Forensic Accountant for Secured Creditor

 

ASSIGNMENTS FOR THE BENEFIT OF CREDITORS

• Forest Financial Corp –Forensic Accountant for Trustee

• Prime Leasing – Forensic Accountant for Trustee

• Fitigues – Consultant for Assignee

• International Group of Companies – Financial advisor to Debtor

Other insolvency cases that are not a matter of public record are not disclosed here

OTHER FORENSIC ACCOUNTING ENGAGEMENTS

• Investigated suspicions of loan fraud on a portfolio of residential apartment buildings

• Retained as expert witness in an accounting mal-practice case involving fraud

• Consulted to the loss prevention department of a major national franchisor

• Retained as expert witness in a shareholder dispute case

• Retained as expert witness in a commercial fraud case

• Retained as expert witness in a legal mal-practice case involving potential hidden assets

• Retained to review numerous companies experiencing cash shortages for indications of fraud

• Retained in numerous divorce cases with suspicions of hidden assets or misstated income

• Designed and taught a 40-hour course on internal control to a $500 million company to assist them in satisfying terms of an SEC consent decree.

• Assisted a manufacturing company in determining the extent of fraud committed by employees

• Assisted a major commercial bank in defending against lender liability claims

• Assisted in suits against trustees for breach of fiduciary duties

• Investigated suspicions of fraud committed by the managing member of two real estate development LLCs

• Assisted a secure lender in evaluating its position and establishing its strategy in a company rendered insolvent as the result of management fraud against the creditors

• Lost-profits analysis in behalf of a plaintiff law firm

 

VALUATION ENGAGEMENTS

Valuations of the following businesses in divorce cases:

• Two separate electrical contractors

• A mortgage broker

• An HVAC contractor

• A home improvement contractor

• An apparel manufacturer

• A pet grooming business

• A 5-partner legal practice

• A liquor store

• An excavation contractor

• A kosher kitchen restaurant / caterer

• A set of residential apartment buildings

• An architectural practice

• A biotech start-up

Valuations of the following entities for estate and gift tax purposes:

• Family Limited Partnerships for estate tax purposes

• A lumber yard and home center

• A $5 million metals manufacturer

• A $40 million metals manufacturer

• A plastics and chemicals manufacturer

 Valuations of the following entities for insolvency or dispute purposes:

• A $30 million privately held manufacturer

• Liquidation analysis of a $100 million regional retail company

• Liquidation analysis and going concern valuation estimates of a $30 million retail company

• Assistance on the inventory appraisal of a $1.4 billion manufacturing company

• Assistance on the inventory appraisal of a $1.5 billion retail company.

• Assistance with preparation of a case involving damages for lost profits in a franchise suit.

• Valuation of a $55 million high technology firm for solvency and investment purposes.

• Valuation of a $25 million retailer for purposes of a fraudulent conveyance action

• Valuation of a $1.2 million medical practice for purposes of a fraudulent conveyance action.

• Assisted the attorney in valuation issues of a $450,000 advertising agency in a shareholder dispute.

• Valuation of a $13 million distributor for shareholder buy-out purposes

• Valuation of a $10 million food manufacturer for a shareholder dispute

• Valuation of a family-style restaurant for a lost-profits analysis

• Valuation of a $3 million garden center for negotiation with tax authorities

Valuations of the following entities for merger and acquisition purposes or buy/sell agreements:

• Valuation of a $1 million printing company for acquisition purposes

• Valuation of a $5 million tree service company for buy/sell purposes

• Valuation of a $10 million specialty contractor for buy/sell purposes

• Valuation of a start-up specialty food distributor for investment purposes

Valuations of the following for financial reporting purposes:

• Valuation of customer lists for three acquired service companies

• Valuation of a note receivable relating to an acquisition pay-out

 

TESTIFYING EXPERIENCE AS EXPERT WITNESS

·        In re: S&O, Inc.(99 B 6877), Always Open Gas Marts, Inc.(99 B 6883), and Always Open Franchising Corp.(99 B 6883) - Bankruptcy Court, Northern District of Illinois. 

                  Provided various testimony and reports as needed in 1999 as court-  appointed Examiner in bankruptcy case.

·        Wendy Weisman v. Schiller, DuCanto & Fleck (No 00 L 13656, Circuit Court of Cook County, Illinois, Law Division)

    Deposition - September 2003; Testimony - January 2004

·        Fane Lozman v. Gerald Putnam (No 99 CH 11347 Circuit Court of Cook County, Illinois, Chancery Division)

    Deposition – May 2003, November 2004; Testimony - December 2004

·        In re: Pre-Press Graphics Company, Inc. Debtor, David Leibowitz, Trustee v. Robert M. Beevers.  Bankruptcy No. 02-08292, Northern District of Illinois. Adversary Proceeding 04 A 04001. 

Testimony – September 2005

Deposition – February 2006 – derivative action against Community Banks of Colorado

·        In re: Goldblatt's Bargain Stores, Inc. Debtor, David Leibowitz, Trustee v. Patrick Kane, William Kane, Jon Amato, Lionel Goldblatt, Edward Schroeder, PJW LLC, JWP LLC, Goldblatt Development Group LLC, and Fairway Distribution Services Inc.  Bankruptcy No. 03-B-10796, Northern District of Illinois. Adversary Proceedings  04A4204, 05A470, 05A467, 05A464, 05A465, 05A466, 05A471, 05A472, 05A462, 05A4663, 05A468, 05A469, and 04A3385

Submitted expert opinions; Deposition - October 2006 

·        Express Carryout, Inc., Ted Kamenos and Andreas Sassaris vs. Chicago Trust Company as Trustee U/T/A Dated November 4, 1998 and known as Trust #1106522 Dated February 4, 1999 and Recorded February 18, 1999 as Document Number 99162834 and the Kopley Group V, L.P.;  In the Circuit Court of Cook County, Illinois County Department, Law Division No. 03 L 004958

Submitted valuation analysis; Deposition - February 2007

·        In Re The Marriage of Maureen L. Pullen, Petitioner and John M. Pullen, Respondent in the Circuit Court of Cook County, Illinois, County Department, Domestic Division.  07-D2-30434

Submitted expert opinions; Testimony – June 2009

·        In Re The Marriage of Carol Ann McCullough, Petitioner  and Joseph T. McCullough, Respondent, in the Circuit Court of Cook County, Illinois, County Department, Domestic Division.  06-D-7543

                  Submitted expert opinions; Deposition – July 2009

·        Eisenberg & Riley, S.C. vs Eisenberg,Weigel, Carlson, Blau & Clemons, S.C., Joseph W. Weigel, David M. Blau, Chris M. Clemens, Ameritech Publishing, Inc., in the State of Wisconsin Circuit Court, Milwaukee County  05-CV-2731

Submitted expert opinion; Deposition – December 2009; Testimony January 2010

OTHER TESTIFYING EXPERIENCE

CMC Leasing v. Prime Leasing – Cook County, Illinois

o Deposition – July 2001 as a fact witness in a commercial dispute

Office One Superstores – Bankruptcy, Northern District of Illinois

o Testified to numerous issues as required by the court as a fact witness in 1996 - 1998

Riviera Cabinets v. Handy Andy – Federal Court, Akron, Ohio

o Deposition – January 1993 as a fact witness in a commercial dispute

o Testimony – April 1993 as a fact witness in a commercial dispute

 

 

ARTICLES PUBLISHED IN PROFESSIONAL JOURNALS AND BOOKS

Sniffing out Fraud Can Lead to New Opportunities published in the January / February 2006 edition of The Value Examiner, a professional development journal for the consulting disciplines published by the National Association of Certified Valuation Analysts.

Finding Hidden Income published in the September 2006 edition of Illinois Family Law Report, a monthly guide for Illinois Family Law practitioners.

Is it Fraud or Incompetence? published in the May / June 2007 edition of The Value Examiner, a professional development journal for the consulting disciplines published by the National Association of Certified Valuation Analysts.

Book Review – The Handbook of Fraud Deterrence published in the July / August 2007 edition of The Value Examiner, a professional development journal for the consulting disciplines published by the National Association of Certified Valuation Analysts.

Chapter 5 of the book Fraud Casebook – Lessons from the Bad Side of Business edited by Joseph Wells and published by the Association of Certified Fraud Examiners and Wiley Publishing, 2007

Forensic Investigation of a Professional Practice published in the Summer 2008 edition of American Journal of Family Law, a quarterly journal focusing on current issues in family law practice.

Valuation of Start-up and Early Stage Companies published in the July / August 2008 edition of The Value Examiner, a professional development journal for the consulting disciplines published by the National Association of Certified Valuation Analysts.

Chapter 3A of the 2009 edition of Valuing Professional Practices and Licenses, a book with annual supplements edited by Ronald L. Brown and published by Aspen Publishing.

Market Turmoil May Require New Ways to Build-up Cost of Capital published in the January / February 2009 edition of The Value Examiner, a professional development journal for the consulting disciplines published by the National Association of Certified Valuation Analysts.

 

Michael Goldman has designed and taught the following courses:

• New Venture Creation - a graduate level course in entrepreneurship
• Internal Control - a 40-hour course for senior executives of a Fortune 500 company.  This course was presented as part of an SEC decree after the company was found to be the victim of fraud  perpetrated by a divisional controller.
• Accounting and Financial Control for Lawyers - an 8 hour course prepared and presented for the legal department of a Fortune 100 company and for lawyers of an international law firm.
• Financial Planning and Forecasting - a 3-hour internet-based course developed by a major publisher of financial and educational material.