Valuation and Financial Advisory - Summit Ridge Group · Former Top Ranked Equity Research Analyst...

535 Fifth Avenue, 4th Fl, New York, NY 10017 Tel: +1.646.843.9850

Valuation and Financial Advisory In the Media and Communications Sector

www.SummitRidgeGroup.com

Contents

• Overview • Summit Ridge Approach & Skills

• Service Offerings and Case Studies

• Advisor Bios and Publications


Telecom Media & Satellite

We Provide Specialized Satellite, Media and Telecom Sector Consulting


Contents

• Overview

• Summit Ridge Approach & Skills




Summit Ridge Group was Founded by J. Armand Musey, CFA To leverage his broad functional background, deep industry expertise and capital markets experience § Unique blend of 16 years of equity research, investment banking and

consulting experience including §  Former Top Ranked Equity Research Analyst (Merrill Lynch, Banc of America, Salomon Smith Barney)

§  Three-time Institutional Investor “All American” Ranking (2000, 2001, 2002) §  #1 Ranked by Greenwich Association poll of institutional investors §  Wall Street Journal “Best on the Street” ranking

§  President of small boutique investment bank §  Extensive Consulting Experience

Education/Training §  JD/MBA (Northwestern); MA (Columbia); BA (U. Chicago) §  Chartered Financial Analyst (CFA) Other §  Member: NY Bar; Federal Comm. Bar Assn.; NY Society of Securities Analysts - Chair of Corporate Governance Committee (2007-2009)


Summit Ridge Group Fills the Gap

•  Summit Ridge Group, LLC fills the Gap between Investment Banking, Research, Regulatory and Traditional Consulting firms

•  Financial consulting assignments requiring substantial industry expertise (i.e. spectrum valuation)

•  Custom Research and Litigation/Regulatory Support

Investment Banking Research

Consulting Legal

Summit Ridge has Cross-Disciplinary Skills


Client Solution

Investor & Capital Markets

Perspective

Satellite, Media, Telecom DEEP INDUSTRY EXPERTISE

Finance, Valuation, Research, Strategic Analysis, Transaction, Regulatory

B R O A D F U N C T I O N A L S K I L L S

Summit Ridge Brings Multiple Layers of Skills to Client Projects While Creating Single-Firm Efficiencies That Provide More Powerful, Flexible and Cost Effective Solutions


Contents

• Overview


• Service Offerings and Case Studies • Advisor Bios and Publications


Service Offerings

Business Valua+on •  Transac+onal • Bankruptcy • Fairness opinions • M&A

•  Repor+ng • Asset impairment • Por=olio valua+on • Tax

•  Intangible Assets •  Bankruptcy

Financial Consul+ng •  Due Diligence • M&A consul+ng •  Strategic Development

•  Regulatory • Responding to agency publica+ons

• Spectrum auc+on/license acquisi+on support

Custom Research •  In-‐depth financial research projects • Financial analysis • Market analysis • Strategic analysis

•  Policy Analysis •  Short-‐term phone consulta+ons

Li+ga+on Support •  Func+onal • Valua+on • Economic Damages

•  Industry • Broadband • Satellite • Wireless Industry • Spectrum • Securi+es Industry/Research prac+ces


Summit Ridge Group Case Studies Business Valua+on Financial Consul+ng Custom Research Li+ga+on Support

Related Party Transac+on: §  Engaged by major PE firm to value spectrum asset personally owned by firm principles and sold to por=olio company §  Industry exper+se permiPed quick and cost-‐effec+ve analysis

Tax-‐Driven Acquisi+on: §  Engaged by large mul+na+onal company to provide valua+on to support tax-‐driven M&A transac+on §  Deal encountered unan+cipated challenges and assignment expanded to include due diligence and industry analysis to augment bulge bracket I-‐bank’s efforts §  Deal closed with minimal incremental fees

Acquisi+on Analysis: §  Engaged by Fortune 50 company to provide industry analysis of poten+al acquisi+on §  Client avoided cost of engaging large investment bank by using internal finance professionals supplemented by SRG industry knowledge

Regulatory Support: §  Support premier spectrum regulatory firm §  Respond to regulatory agency publica+ons §  License nego+a+on §  Other projects as needed §  Client obtains top-‐quality regulatory support on a project basis

Bankruptcy Analysis: §  Engaged by leading distressed debt hedge fund to conduct an industry analysis and value a distressed issuer whose debt securi+es were likely to convert to equity §  Client presented analysis to creditor’s commiPee to support proposal for commiPee’s bankruptcy nego+a+on strategy

Company Analysis §  Engaged by large hedge fund to value a significant telecom holding aXer departure of internal personnel during a cri+cal phase in company’s development

M&A Fallout Li+ga+on: §  Engaged by major FSS operator to opine on issues related to orbital slot valua+on and development resul+ng from dispute surrounding post-‐M&A payment obliga+ons

Copyright Royalty Arbitra+on: §  Engaged by leading content distributor to provide extensive financial and valua+on analysis to support royalty rate proposal §  Expert report and tes+mony included subscriber forecasts, valua+on scenarios and corporate strategy analysis


Contents

• Overview





Advisors •  Ted Bolton – Media Metrics and New Technology Diffusion

–  President, Bolton Research Corporation; A media consulting firm –  Advised and negotiated with over 250 major media/marketing

companies –  Groundbreaking dissertation that developed predictive algorithms

for Internet and new technology adoption rates –  BA, Ohio Wesleyan; MA, Temple Univ.; Phd, Ohio State Univ.

•  Ron W. Clifton – Corporate Strategy and Technology –  President, CliftonGroup International Ltd; A C-level consulting firm –  Significant Board experience with public and private companies –  Strong industry, technology and international business

development experience –  Former president and CEO, International Datacasting Corporation –  BS, MSEE; University of Waterloo


Advisors • Charlene King – Telecommunications

–  Independent consultant –  Experience in strategy, business development and

marketing –  Formerly held senior positions at Terrestar, Iridium, SkyTerra

(affiliate of PE firm Apollo LP) and Sprint –  BA, Gettysburg College; MBA, Harvard Business School

• Dan Ramsden – Capital Markets –  Founder, CEO, CoRise LLC; A new media merchant bank –  Extensive media and technology industry experience –  Former managing director, Bank of Montreal/Nesbitt Burns –  BA, Cornell; MBA, Fordham


Selected Publications

•  Broadcas+ng Licenses: Ownership Rights and the Spectrum Ra+onaliza+on Challenge. (Forthcoming) Columbia Science and Technology Law Review (2012) •  How the Tradi+onal Property Rights Model Informs the Spectrum Ra+onaliza+on Challenge. Has+ngs Communica+ons and Entertainment Law Journal (2012) •  Law Journal Ar+cles are available for download at: hPp://ssrn.com/author=1736251

Academic Publica+ons

• The Spectrum Handbook 2013, Summit Ridge Group, LLC, August 2013 (182 pages). Spectrum Handbook

• From the Ground Up. Wrote monthly ar+cles and oversaw produc+on of a widely read monthly newslePer with analysis of issues in the satellite communica+ons, media and telecommunica+ons industries. (November 2005 to April 2007) • Via Satellite. Wrote monthly financial column for leading satellite trade magazine +tled “Dollars and Sense,” from late 1999 un+l early 2003

Industry Periodicals

• Published highly regarded analysis on the satellite communica+ons and cellular tower industry that was instrumental in achieving several research honors and widely cited by industry insiders • Issued, strategic analysis, valua+on opinions, buy/sell recommenda+ons as well as quarterly earnings es+mates and earnings results analysis • Published virtually every week, usually mul+ple +mes a week

Wall Street Research

Valuation and Financial Advisory - Summit Ridge Group · Former Top Ranked Equity Research Analyst...

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