Curriculum Vitae


MARC S. MARGULIS
CFA
, ASA (Retired), MBA
Managing Director

Professional Qualifications
Experience Mr. Margulis has over 25 years of investment banking experience including (i)
serving as the principal advisor and/or lead negotiator in numerous mergers, acquisitions, divestitures, and alliance formations; (ii) rendering valuation opinions, including fairness opinions and solvency opinions in publicly announced transactions; and (iii) analyzing corporate strategic alternatives. He is a recognized expert in the analysis and valuation of businesses, securities, intellectual property and other intangible assets for transactional, tax, regulatory and litigation purposes.Mr. Margulis has been designated as an expert witness in over 150 legal disputes and has qualified and testified in both bench and jury trials as an expert in the computation of compensatory damages based on lost profits and as an expert in the valuation of businesses, securities and intangible assets.Mr. Margulis has been a frequent lecturer on the analysis and quantification of economic damages; on the subject of financial and procedural fairness in mergers, acquisitions and divestitures; on corporate alliance formations; and on general valuation topics. He has authored numerous published articles on subjects within his fields of expertise.
Employment Prior to founding Mammoth Advisors, Mr. Margulis was a managing director at the investment banking firm of Houlihan Lokey Howard & Zukin; a principal inValuation and Litigation Support at Laventhol & Horwath; and a senior manager of Financial Valuation Services for Arthur D. Little Valuation, Inc. Mr. Margulis has held management positions in the areas of financial and marketing planning for American High-Speed Rail Corporation, Tosco Corporation and United Computing Systems and was a consultant and auditor for Coopers & Lybrand.
Education
and Credentials
Mr. Margulis earned his Bachelor of Arts degree in Political Science and Economics from the University of California at Santa Barbara and an M.B.A. in Finance and Accounting from the University of California at Los Angeles. He has earned the professional designations of Accredited Senior Appraiser (A.S.A.) from the American Society of Appraisers and Chartered Financial Analyst (C.F.A.) from the CFA Institute. Mr. Margulis has been licensed with the Securities and Exchange Commission through the NASD as a Registered Investment Advisor (Series #2) and as a Registered General Securities Representative (Series #7 and #63).
Testimony Mr. Margulis has qualified and testified as an expert witness in United States District Court, United States Bankruptcy Court, California Superior Court, Texas District Court, Louisiana District Court, Illinois Circuit Court and in alternative dispute resolution proceedings. He has been engaged on matters that include retrospective fairness, dissenters’ rights, bankruptcy and reorganization, solvency and fraudulent conveyance, tax disputes, involuntary business dissolutions, shareholder disputes involving the provisions in buy/sell agreements, lost profits damages claims under both contract law and tort law, and trademark and intellectual property matters.
Professional Publications “Size-Adjusting Beta” by Marc S. Margulis, Jeremy Krasner and Mark J. Melancon, Valuation Strategies (March/April 2005)

“Equity Alliances Take Centre Stage” by Peter Pekár Jr. and Marc S. Margulis, Business Strategy Review (London Business School), 2003, Vol. 14 Issue 2

“The Next Wave of Alliance Formations: Forging Successful Partnerships with Emerging and Middle-Market Companies” by Marc S. Margulis and Dr. Peter Pekár, HLHZ (2001)

“Business Valuation” by O. Kit Lokey, Marc S. Margulis and Karen Miles The Litigation Services Handbook, Third Edition, edited by Roman L. Weil, Peter B. Frank and Michael J. Wagner, John Wiley & Sons, Inc. (2000)

“Valuing a Decedent’s Legal Claims, Lawsuits, and Choses in Action,” Valuation Strategies (January/February 1998)

“Preparing Your Organization for Investment,” Parts One and Two,Physician Practice Options (June/July 1996)

“Integration: Will You Survive the Regulators?”The Journal of Managed Care Medicine (March 1994)

“Compensatory Damages and the Appropriate Discount Rate,”Journal of Forensic Economics (Winter 1993)

“Valuation of Medical Practices in the Current Healthcare Environment,” Integrated Healthcare Delivery Systems: A Guide to Successful Strategies for Hospital and Physician Collaboration, Thompson Publishing Group, New York (1993)

“The Role of Expert Opinions in Leveraged Buyouts,”The Corporate Growth Report, Vol. 8, No. 4 (June 1990)

“Choosing the Appropriate Standard of Value in Asset Appraisals,”Business Valuation Review, Vol. 9, No. 2 (June 1990)

Professional
Associations
Mr. Margulis is a Senior Member (Retired) of the American Society of Appraisers and is a member of the CFA Institute and the National Association of Forensic Economists.
Types of Financial Advisory Engagements Performed
Dispute Analysis Services
A. Economic Damages

  • Breach of Contract . Fraud and Misrepresentation
  • Tortious Interference
  • Patent/Trademark Infringement
  • Lanham Act Violations
  • Securities Act Violations
  • Breach of Fiduciary Duties
  • Business Interruption

B. Retrospective Fairness, Dissenters’ Rights and Other Shareholder Disputes
C. Retrospective Solvency and Fraudulent Conveyance Issues
D. Federal Estate and Gift Tax
E. Dissolutions: Corporations/Partnerships/Marriages

Business and Ownership Interest Valuations
A. Estate and Gift Taxes
B. Exempt Organizations
C. Buy-Sell Agreements
D. C Corp. to S Corp. Conversion
 Transaction Services
A. M&A and Strategic Alliance Advisory Services
B. Fairness Opinions
C. Solvency Opinions
D. Strategic Alternatives Analyses
E. Business Due Diligence
Bankruptcies, Reorganizations, Receiverships
A. Expert Testimony on Solvency, Fraudulent Conveyance and Reasonably Equivalent Value
B. Reorganization Value vs. Liquidation Value
C. Appraisals of All Tangible and Marketable Intangible Assets
D. Appraisals of Viable, Stand-Alone Subsidiaries or Divisions
Purchase Price Allocations and Goodwill Impairment
A. Valuations of Real Property, Machinery and Equipment, Furniture and Fixtures
B. Valuations of Intangible Assets Including:

  • Intellectual Property
  • Favorable Contracts
  • Customer Lists
  • Trademarks and Trade Names
  • Non-Competition and Employment Agreements
  • Goodwill and Going Concern Value

Partial List of M&A and Alliance Transactions
Excluding Financial Opinions

XonTech, Inc., acquired by Northrop Grumman Corporation

T.M. Cobb Company, acquisition of Craftmaster Manufacturing, Inc.

Korea Green Cross Corporation, sale of vaccines division for stock and cash to Rhein Biotech, N.V.

Arthur D. Little, Inc., sale of substantially all of its assets through a series of transactions

Candle Corporation, acquisition of Series C Preferred Stock of E Team, Inc.

Goldman Lichtenberg Wasserman & Goldman, acquired by Chase Wealth Management Advisors

Idea Man, Inc., acquired by Ha-Lo Industries, Inc.

William Lyon Homes, Inc., acquired by The Presley Companies

Cedars-Sinai Health System, acquisition of Greater Valley Medical Group, MSO and IPA

United States Manufacturing Company, stock acquired by Mandarin Partners, LLC

The Dialysis Centers of the Inland Empire, acquired by Gambro Healthcare Renal Care, Inc.

Physicians Resource Group, sale of substantially all of its assets through a series of transactions

Cheil Jedang Investment Trust Management, partial acquisition by Prudential Securities

Institute of Management Resources, sale of its European operations to Proudfoot Consulting Plc.

Xtrana, Inc., sale of hemostasis business unit assets to Trinity Biotech, Plc.

City of Hope, research affiliation with Tower Hematology Oncology Cancer Research Foundation

NC4, Inc. acquisition of E Team, Inc.

NC4, Inc. acquisition of The ESP Group, LLC

Bay Valley Medical, sale of Group and MSO to Stanford University Healthcare Alliance

California Cancer Specialists Medical Group (dba COHMG) acquired by City of Hope

Expert Testimony

Retirement Housing Foundation, et al. v. Cain
Brothers & Co., LLC, et al.
Superior Court of the State of California, County of Los
Angeles, Case No. BC404726
Expert for Plaintiffs; Counsel for Plaintiffs: Reuben Raucher
& Blum
Damages; Investment Banking Practices

Clearlight Partners II, LLC v. Code Hennessy &
Simmons LLC and PricewaterhouseCoopers, LLP
Superior Court of the State of California, County of Orange;
Case No. 30-2010-00366771
Expert for Defendants; Counsel for Defendant CHS : Sidley
Austin; Counsel for Defendant PwC: Gibson Dunn &
Crutcher
(Case terminated after Defendants’ motions for summary
judgment were granted in full.)
Complex Business Valuation

Save Mart Supermarkets, Inc. v. Orchard Supply
Hardware, LLC
Superior Court of the State of California, County of Fresno,
Central Division; Case No. 09 CECG01020
Expert for Defendant; Counsel for Defendant: Reed Smith
Lost Profits, Mitigation and Offsets

The 180 Group, LLC, et al. v. S. Yari, et al.
Superior Court of the State of California, County of Los
Angeles, Central District; Case No. BC 410837
Expert for Plaintiffs; Counsel for Plaintiffs: Kaye Scholer
Private Equity Partnership – Allocation of Returns

Total Renal Care, Inc. v. Western Nephrology
P.C., American Renal Associates, Inc., et al.
United States District Court for the District of Colorado; Civil
Action No. 08-cv-00513-CMA-KMT
Expert for Plaintiff; Counsel for Plaintiff: McDermott Will &
Emery
Business Valuation

Gibson, Han v. Vantage Oncology, Inc., et al.
Superior Court of the State of California, County of Los
Angeles; Case No. BC336051
Expert for Defendant; Counsel for Defendants: McDermott
Will & Emery
Business Valuation

In re 3dfx Interactive, Inc., Debtor, William A.
Brandt, Jr., Trustee v. Nvidia Corp., et al.
United States Bankruptcy Court, Northern District of
California; Case No.02-055796 JRG
Expert for Trustee; Counsel for Trustee: Buchalter Nemer
Investment Banking Practices

United States, ex rel., Scott Pogue v. Diabetes
Treatment Centers of America, et al.
United States District Court for the District of Columbia;
Civil Action No. 99-3298
Expert for Defendants; Counsels for Defendants: Hooper,
Lundy & Bookman; Bass, Berry & Sims; Walker, Bryant,
Tipps & Malone
Reasonable Compensation

Phoenix American, Inc. v. A.A.A., Inc., W. Corey
West, et al.
Superior Court of the State of California, County of Santa
Clara; Case No. 318820
Expert for Cross-Complainant; Counsel for Cross-
Complainant: Quadros & Johnson
Fraudulent Transfer; Business Valuation

Yeadon v. SASCO, et al.
Superior Court of the State of California, County of Santa
Clara; Case No. 1-04-CV017301
Expert for Defendant; Counsel for Defendant: Quadros &
Johnson
Business Valuation

J. Dahan and M. Glasser v. L’Koral, Inc., et al.
Superior Court of the State of California, County of Los
Angeles; Case No. BC 286 577
Expert for Defendants/Cross-Complainants; Counsel for
Defendants: Christensen, Miller, Fink, Jacobs, Glaser, Weil &
Shapiro; Alschuler, Grossman, Stein & Kahan,
Business Valuation

In re Borden Chemical and Plastics Operating
Limited Partership, Debtor
U.S. Bankruptcy Court for the District of Delaware, Case No.
01-1268
Expert for Trustee; Counsel for Trustee: Lamberth, Cefelli,
Stokes & Stout
Retrospective Solvency

In re Louise’s Trattoria, Inc., Debtor
U.S. Bankruptcy Court, Central District of California, Case
No. LA 97-44573-SB
Expert for Bidder; Counsel for Bidder: Alschuler Grossman &
Pines LLP
Business Valuation

Dumas, et al. v. Angus Chemical Company, et al.
Fourth Judicial District Court, Parish of Ovachita, State of
Louisiana, No. 92-1707
Expert for Plaintiff; Counsel for Plaintiff: Herman, Herman,
Katz & Cotlar
Punitive Damages; Retrospective Solvency

Conso Electronics (Far East) Limited v. G. R.
Dias-Azedo and K.W. Page
The Supreme Court of Hong Kong, High Court Action No.
A422 of 1995
Expert for Plaintiff; Counsel for Plaintiff: Milbank, Tweed,
Hadley & McCloy; Horvath & Giles
Business Valuation; Blockage

In re The Marriage: Trotter and Trotter
The Circuit Court of the Nineteenth Judicial Circuit, Lake
County, Illinois, No. 95 D 640
Expert for Husband; Counsel for Husband: Kalcheim, Schatz
and Berger
Business Valuation

Westlake Monomers Corporation v. The B. F.
Goodrich Company, et al.
Cause No. 93-012205 in the 133rd Judicial District of Harris
County, Texas
Expert for Plaintiff; Counsel for Plaintiff: Scott, Douglass,
Luton & McConnico, LLP
Business Valuation

Wm. C. Davis v. Ernest L. Parker
U.S. District Court for the Western District of Louisiana,
Lafayette Division, Docket No. CV 91-2493
Expert for Plaintiff; Counsel for Plaintiff: Rush, Rush &
Calogero
Business Valuation

Lee H. Schlesinger v. The Home Insurance
Company, et al.
Civil District Court for the Parish of Orleans, State of
Louisiana, Docket No. 91-13444
Expert for Plaintiff; Counsel for Plaintiff: DeRussy, Bezou &
Matthews; Henry L. Klein
Business Valuation

Circo Craft Company, Inc. v. Amp-Akzo Corp., et al.
Superior Court for the County of San Diego, Northern
District, Case No. N 62060
Expert for Defendants; Counsel for Defendants: Small, Larkin
& Kiddé
Lost Profits; Unjust Enrichment

Hearon v. Mack Trucks, Inc.
U.S. District Court, Western District of Washington, Case No.
C90-375C
Expert for Plaintiff; Counsel for Plaintiff: Riddell, Williams,
Bullitt & Walkinshaw
Business Valuation

Campo de Leon vs. Vernon Savings, et al.
U.S. District Court, Southern District of California, Case No.
88-0998K
Expert for Defendant (FDIC); Counsel for Defendant:
Brobeck, Phleger & Harrison
Lost Profits; Business Valuation

Daniels, et al. v. The Centennial Group, Inc., et al.
Superior Court for the County of Orange, Case No. 526708
Expert for Defendant; Called as a Fact Witness; Counsel for
Defendant: Gibson, Dunn & Crutcher
Business Valuation

McLaughlin, et al. v. National Life Insurance
Company
Superior Court for the County of Santa Clara, Case No.*
Consultant to Counsel for the Defendant; Counsel for
Defendant: Pettit & Martin
Business Valuation

Chemical Waste Management Inc. v. Oregon
Department of Revenue
State of Oregon Department of Revenue Administrative
Hearing, Case 88-3323
Expert for Plaintiff; Counsel for Plaintiff: Schwabe,
Williamson & Wyatt
Business Valuation

Krasne, et al. v. Reissman, et al.
Superior Court for the County of Los Angeles, Case No. WEC
135819
Expert for Defendant; Counsel for Defendant: Corleto and
Ackerman
Business Valuation

V3I Engineering, Inc. v. Western Digital
Corporation, et al.
Superior Court of the State of California, County of Orange;
Case No. 03C C00179
Expert for Defendants; Counsel for Defendants: Bird Marella
Business Valuation – Early Stage Company; Allocation of
Value to Series B Preferred Stock

North American Title Company, Inc. v.
LandAmerica Financial Group, Inc., et al.
Superior Court of the State of California, County of Contra
Costa; Case No. C 06-00187
Expert for Plaintiff; Counsel for Plaintiff: Buchalter Nemer
Business Valuation

In re The William A. Giraldin Trust
Superior Court of the State of California, County of Orange;
Case No. A240697
Expert for Petitioners; Counsel for Petitioners: Freeman,
Freeman & Smiley
Damages; Appropriateness of Investments

E. Chao, Secretary of Labor, U.S. Dept. of Labor
v. Hagemeyer N. America, Inc., GreatBanc Trust
Company, et al.
United States District Court for the District of South
Carolina; Civil Action No. 2-06-cv-01173-PMD
Expert for Defendants; Counsels for Defendants: Gardner
Carton & Douglas; Jones Day; Alston & Bird
Business Valuation

Creatier Interactive, LLC v. Bates, Avant
Interactive, Inc., et al.
Superior Court of the State of California, County of Los
Angeles; Case No. BC311213
Expert for Plaintiff; Counsel for Plaintiff: Katten Muchin
Rosenman
Business Valuation – Early Stage Company

Impact Zone Productions, Inc., et al. v. Barnes
Superior Court of the State of California, County of Los
Angeles; Case No. BC318531
Expert for Plaintiffs; Counsel for Plaintiffs: Kinsella
Weitzman Iser Kump & Aldisert
Lost Profits; Appropriate Discount Rate

Castello, et al. v. SASCO, et al.
Superior Court of the State of California, County of San
Francisco; Case No. CV 805304, JAMS Case No. 1110006680
Expert for Defendant; Counsel for Defendant: Quadros &
Johnson
Business Valuation

Vehicular Technologies v. Titan Wheel
International, et al.
Superior Court of the State of California, County of Los
Angeles; Case No. BC263739
Expert for Plaintiff; Counsel for Plaintiff: Fogel, Feldman,
Ostrov, Ringler & Klevens
Lost Profits; Reasonable Royalties

Pacific Coin Management v. BR Telephony
Partners, et al.
Superior Court of the State of California, County of Los
Angeles; Case No.BC242432 (Consolidated with BC243969)
Expert for Defendant; Counsel for Defendant: Seyfarth Shaw
Lost Profits

Computer Networking Specialists v. Hailey
McNamara, et al.
24th Judicial District Court, Parish of Jefferson, State of
Louisiana, No. 570-810.
Expert for Plaintiff; Counsel for Plaintiff: Robert H.
Matthews, Esq.
Lost Profits

Nokia Corporation v. Hypercel Corporation
U.S. District Count, Northern District of Texas, Dallas
Division, Civil Action No. 3-99CV1563-M
Expert for Defendant; Counsel for Defendant: Gelfand,
Rappaport & Glaser
Lost Profits

The Bengard Group v. Trim Master, Inc.
Superior Court of the State of California, County of Orange;
Case No: 797567
Expert for Plaintiff; Counsel for Plaintiff: Irell & Manella;
Bird & Associates
Business Valuation

MedPartners, Inc. v. The Commissioner of the
Department of Corporations of the State of
California
Superior Court of the State of California, Case No. BC
207250/BS 056226
Expert for Applicant; Counsel for Applicant: Jones, Day,
Reavis & Pogue
Health Care Economics – Capitation

IDS Plan Services of California, Inc. v. Advance
Benefits Systems Corp., Gerald Goldstein
U.S. District Court, District of California, Case No. CV 93-
1155-RG
Expert for Defendant and Counter-Claimant; Counsel for
Defendant and Counter-Claimant: Haight, Brown &
Bonesteel
Lost Profits

William H. Hutson, Ph.D v. The Analytic Sciences
Corporation, et al.
U.S. District Court, District of Massachusetts, Civil Action
No. 91-12243-Y
Expert for Defendant; Counsel for Defendant: Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo
Reasonable Royalties

The United Group of National Paper Distributors,
Inc., et al. v. Carole S. G. Vinson, et al.
Fourth Judicial District, Parish of Ouachita, State of
Louisiana, Case No. 91-1046
Expert for Plaintiffs; Counsel for Plaintiffs: DeRussy, Bezou
& Matthews; Theus, Grisham, Davis & Leigh
Business Valuation

Boyd v. Consolidated Freightways, Inc., et al.
Superior Court for the County of Los Angeles, Case No. SOC 98994
Expert for Defendant; Counsel for Defendant: Haight, Brown
& Bonesteel
Wrongful Death

Cohen v. Kipnes, Alpace Inc., et al.
Superior Court for the County of Los Angeles, Case No. BC 008154
Expert for Plaintiff; Counsel for Plaintiff: Inman, Weisz &
Steinberg
Business Valuation

DRG/Beverly Hills, Ltd., et al. v. Chopstix Dim
Sum Cafe, et al.
Superior Court for the County of Los Angeles, Case No. BC
007907
Expert for Plaintiff; Counsel for Plaintiff: Frandzel & Share
Lost Profits

In re Clarence Max Williams, Debtor
U.S. Bankruptcy Court, Northern District of Texas, Case No.
391-32764-SAF-11
Expert for Merrill Lynch Private Capital, Inc.(MLPC), a
secured creditor; Counsel for MLPC: Vinson & Elkins
Fraudulent Transfer

Travelers Indemnity Company of Illinois; Imi-
Tech Corporation v. International
Harvester Company and Navistar International
Transportation Corp.
Superior Court for the County of Ventura, Case No. 90550
Expert for Defendant; Counsel for Defendant: Haight, Brown
& Bonesteel
Wrongful Death

In re Globe Illumination Co., Debtor
U.S. Bankruptcy Court, Central District of California, Case
No. LA 89-01354-SB
Expert for the Trustee; Counsel for the Trustee: Danning,
Gill, Gould, Diamond & Spector
Retrospective Solvency; Fraudulent Conveyance

Trust Services of America, Inc. and Toni Brotman
Wald, Co-Trustees v. United States
U.S. District Court, Central District of California, No. CV 85-
0675-FW
Expert for Defendant; Counsel for Defendant: Special
Litigation Counsel, Tax Division, Department of Justice
Business Valuation

Altamura vs. Bacigalupi
Superior Court for the County of Napa, Case No. 21433
Expert for Plaintiff; Counsel for Plaintiff: Shiver, McGrane &
Martin
Business Valuation

Wetherly Properties v. Southwest Savings & Loan
Superior Court for the County of Los Angeles, Case No. C
449180
Expert for Plaintiff; Counsel for Plaintiff: Egerman, Brown,
Rosen & Seligman
Lost Profits

American Arbitration Association of Florida
Case No. 32-145-0239-92-0F
Expert for PanelCounsel for Claimant: Stewart, Tilghman, Fox & Bianchi;
Counsel for Respondent: White & Case
Lost Profits