BDO United States

EMAIL
Direct: 310.557.8565
Mobile: 310.741.9556

1888 Century Park East
Los Angeles, CA
90067

Anthony L. Alfonso, ASA
President

Expertise Summary

Mr. Alfonso is President and National Practice Leader of BDO Valuation Advisors, LLC. He has two decades of financial services experience including extensive valuation and transactional expertise.

Prior to joining BDO, Mr. Alfonso was with Houlihan Lokey, where his primary responsibility was providing valuations for tax and financial reporting. Prior to joining Houlihan Lokey, Mr. Alfonso served as a Managing Director with KPMG LLP in its economic and valuation services practice. Mr. Alfonso also spent part of his career in corporate finance with a regional investment bank and as an institutional equity trader with a major international bank.

Mr. Alfonso has a broad range of industry experience including Retail, Gaming, Software & Technology, Media & Entertainment, Consumer Products, Manufacturing, Telecom and Financial Services. He has advised public and private companies on business combinations, goodwill impairment and other financial reporting issues. Mr. Alfonso has also performed numerous valuation analyses for employee-stock-options, derivatives and tax planning purposes. He has also assisted buyers and sellers in return-on-investment and decision-prioritization analysis. Mr. Alfonso is frequently quoted in industry trade publications and major media outlets.

Professional Affiliations

Member, American Society of Appraisers
FINRA General Securities Representative (Series 7 and 63)

Education

M.B.A., Katz Graduate School of Business at the University of Pittsburgh
B.S., Financial Planning, Purdue University

EMAIL
Direct: 714.668.7389
Mobile: 949.300.5068

3200 Bristol Street
4th Floor
Costa Mesa, CA
92626

Scott Krueger
Chief Operating Officer

Mr. Krueger serves as Chief Operating Officer for BDO Valuation Advisors, LLC (formerly Trenwith Valuation, LLC). He has fifteen years of experience in financial operations and is responsible for the financial planning, reporting and general operations for BDO Valuation Advisors.

Mr. Krueger began his career at The Walt Disney Company in the corporate financial planning and analysis department. He has since held highly visible financial planning and operations positions with other Fortune 100 companies such as The Coca-Cola Company and Ingram Micro. Mr. Krueger joined BDO from RSM EquiCo where he was an integral part of the executive management team providing analysis and insight as related to the financial planning function for the company.

Mr. Krueger is a graduate of Pepperdine University with a Masters in Business Administration and has an undergraduate degree in Finance from the University of Southern California. He is also a member of Financial Executives International (FEI).

EMAIL
Direct: 215.636.5604

1700 Market Street
29th Floor
Philadelphia, PA
19103-3962

David Bookbinder, ASA
Director

Mr. Bookbinder is a Director with BDO Valuation Advisors, LLC (formerly Trenwith Valuation). With roughly 25 years of experience, Mr. Bookbinder has a diverse background of corporate finance consulting with particular expertise in the area of financial valuation. He has conducted valuations of the securities and intangible assets of public and private corporations under ASC 820, 805, 350 and 718 for various purposes including acquisition/divestiture, fairness opinions, reorganizations, solvency opinions, recapitalizations, estate planning, and regulatory compliance. He has prepared valuations of business enterprises, capital stock and stock options for purposes such as mergers and acquisitions, recapitalizations and S-Corporation conversions. In his capacity at BDO, Mr. Bookbinder is also responsible for the review of the valuations prepared by other experts on behalf of the accounting practice clients. During his career, Mr. Bookbinder has also provided financial advisory services to client companies for strategic planning purposes including buy-side and sell-side M&A, private placements of senior debt, securitization of lease and loan receivables, and pre-acquisition purchase price allocation analysis.

Prior to joining BDO Valuation Advisors, Mr. Bookbinder was a Vice President with Management Planning, Inc. in Princeton, NJ, where he was an integral part of the development and implementation of the firm's corporate valuation practice. Previously, Mr. Bookbinder was a Vice President with Fairmount Partners, a middle-market investment banking firm, where he provided emerging growth companies with strategic and financial advisory, mergers and acquisitions, business valuation and private placement services.

Mr. Bookbinder's valuation and financial advisory experience also includes CBIZ Valuation Group, Inc., where he was a Senior Manager in the Northeast Region's financial valuation practice; and CoreStates Capital Markets, where as a Vice President he directed private placements of senior corporate debt and asset-backed securities, conducted merger and acquisition analysis, and provided business valuation services.

Mr. Bookbinder holds a master of business administration with a concentration in finance from Drexel University and a bachelor of business administration degree with a concentration in economics from Temple University. Mr. Bookbinder is an Accredited Senior Appraiser (ASA) in Business Valuation with the American Society of Appraisers.

EMAIL
Direct: 617.422.7514
Mobile: 508.345.0045

100 High Street
Boston, MA
02110

Rick Daubenspeck, ASA
National Director
Fixed Assets

Mr. Daubenspeck serves as National Director for the Fixed Asset Group of BDO Valuation Advisors, LLC. He has more than twenty years of experience in developing valuation opinions of machinery and equipment for a broad range of financial transactions including leasing structuring and dispositions, mergers and acquisitions, bankruptcies and ASC impairment reviews. His experience and knowledge was obtained and developed through a countless number of domestic and international engagements for a variety of assets groups including manufacturing, telecommunications, transportation, gaming and entertainment, power generation and distribution, wastewater and freshwater systems, as well as automated ticketing, signaling and toll systems. Renewable Energy, specifically Solar Energy, has been a primary focus for Mr. Daubenspeck over the last several years. Mr. Daubenspeck has performed inspections and appraisals throughout the United States as well as Mexico, Hong Kong, England, Ireland, Germany, Belgium, France, Austria, Sweden and the Netherlands.

Mr. Daubenspeck has a BS in Marketing from Roger Williams University, as well as an MBA in International Business from Sacred Heart University. He has also obtained his Senior Appraiser designation in Machinery & Equipment from the American Society of Appraisers. On several occasions he has provided legal testimony in support of the valuation work he has performed.

Mr. Daubenspeck has been a speaker on numerous occasions at the Equipment Management Conference sponsored by the Equipment Leasing and Finance Association, as well as the National Conference of the American Society of Appraisers. He has also had several articles regarding equipment valuation published in The Monitor which is a trade magazine in the leasing industry, as well as published articles regarding solar energy and the financing of solar collection systems.

EMAIL
Direct: 312.616.4649
Mobile: 312.282.2110

233 N. Michigan Avenue
Suite 2500
Chicago, IL
60601

Sladjana Vojcanin
Director

Ms. Vojcanin serves as Director for BDO Valuation Advisors, LLC. She has been actively involved in the valuation of closely held entities and intangible assets. Ms. Vojcanin has over 15 years valuation experience encompassing a broad range of industries including manufacturing, service, financial, healthcare and construction.

Prior to joining BDO, Ms. Vojcanin was a Valuation Analyst for Freidman, Eisenstein, Raemer & Schwartz, LLP ("FERS") for two years, where she conducted financial valuations. Prior to joining FERS, Ms. Vojcanin was a Field Auditor for Liberty Mutual Insurance Group for nearly four years.

Ms. Vojcanin received her Bachelor of Science degree in Accounting from University of Illinois in June 1991. Ms. Vojcanin has completed her American Society of Appraisers training. She is in the process of becoming certified by the American Society of Appraisers.

EMAIL
Direct: 212.885.8307
Mobile: 973.943.0435

100 Park Avenue
New York, NY
10017

John Kwon
Managing Director

Mr. Kwon is a Managing Director with BDO Valuation Advisors, LLC. He has over 17 years of financial advisory services experience, providing a wide range of valuation and related financial services to leading multinational companies. Mr. Kwon has served a wide array of industries including technology, telecommunications, media, industrial products, consumer products, and life sciences.

Prior to joining BDO, Mr. Kwon held positions in the valuation practices of Deloitte, Duff & Phelps, Standard & Poor’s, and PricewaterhouseCoopers. Mr. Kwon has also held positions as an engineer for Honeywell Inc. and Alliant Techsystems Inc.

Mr. Kwon has been a speaker on numerous occasions including with the New York State Bar Association, the World Research Group, and the Strategic Research Institute. Mr. Kwon has guest-lectured at New York University and is a contributing author to “The Fairness Opinion: A User’s Guide for Fiduciaries”, published by McGraw-Hill in 2005. Mr. Kwon holds an M.B.A. in Finance from New York University (1993) and a Bachelor of Science in Electrical Engineering from Massachusetts Institute of Technology (1987). Mr. Kwon is a strong supporter of Habitat for Humanity – NYC, serving on its board from 2001 to 2009.

Expertise Summary

Mr. Kwon has been a speaker on numerous occasions including with the New York State Bar Association, the World Research Group, and the Strategic Research Institute. Mr. Kwon has guest-lectured at New York University and is a contributing author to “The Fairness Opinion: A User’s Guide for Fiduciaries”, published by McGraw-Hill in 2005. Mr. Kwon holds an M.B.A. in Finance from New York University (1993) and a Bachelor of Science in Electrical Engineering from Massachusetts Institute of Technology (1987). Mr. Kwon is a strong supporter of Habitat for Humanity – NYC, serving on its board from 2001 to 2009.

Key Clients

Alcatel-Lucent, ABB, AT&T, Bravo Brio Restaurant Group, Campbell Soup Company, Ford Motor Company, General Motors, Haier America, Hearst, IBM, Itochu, Kraft, M&C Saatchi plc, Mitsui USA, News Corporation, Primus Telecommunications, Siemens.

EMAIL
Direct: 404-979-7131
Mobile: 770-630-5198

1100 Peachtree Street NE
Suite 700
Atlanta, GA
30309-4516

Greg Adams, MAI
Director

EXPERIENCE SUMMARY

Greg is a Director with BDO Valuation Advisors and practice leader for real estate valuation.

Greg has a varied range of experience in the analysis and valuation of office, industrial, retail, multifamily, hotel, condominium and single-family residential developments, mixed use developments, vacant land, and special purpose facilities.

He has been involved in real estate valuation, consulting, asset management, and financial analysis since 1989. Before joining BDO, Greg was with Duff & Phelps in the Real Estate Valuation & Consulting Practice, and in the Real Estate Consulting group of the Financial Advisory Services practice at Deloitte. Prior to that, he performed asset management and financial analysis with Carter and Associates, an Atlanta-based real estate brokerage, development and investment company, and spent 11 years in the fee appraisal industry.

Greg has performed numerous multi-property, multi-national assignments for due diligence, appraisal, purchase price allocation, and various other engagements. These have consisted of valuations, feasibility analyses, market studies, and acquisition/disposition due diligence for institutional owners/operators, REITs, investment banks, and real estate lenders. His experience also includes assisting clients in determining values for acquisition/disposition, financial reporting, tax planning, and merger & acquisition purposes.

PROFESSIONAL AFFILIATIONS

MAI member of the Appraisal Institute

Licensed Certified General Real Estate Appraiser in multiple states

EDUCATION

B. B. A., Real Estate, Georgia State University

EMAIL
Direct: 310.557.8205
Mobile: 310.903.2163

1888 Century Park East
4th Floor
Los Angeles, CA
90067

Daniel Shea
Director

EXPERIENCE SUMMARY

Mr. Shea serves as Director of Business Development for BDO Valuation Advisors, LLC and as Managing Director for BDO Capital Advisors, LLC, the investment banking arm of BDO USA. He has over twenty years of experience providing transaction advice to public and private companies as well as private equity firms. He has a varied range of experience in industries including e-commerce, food, health and wellness, aerospace and defense, energy, transportation, electronics, computer hardware, media, and retail. Noteworthy past clients include: Textron, Catalytica Energy Systems, TRW, AllHeart.com, Frozen Food Express Industries, Sarcom, MascoTech, Thyssen, and Yokohama.

Before joining BDO, Mr. Shea was a managing director with Hadley Partners. Prior to Hadley, he served as managing director with middle-market boutique W. Y. Campbell & Company, most recently establishing and heading up the firm’s Los Angeles office. Prior to that, he held a senior position with Ernst & Young Corporate Finance LLC.

EDUCATION

M.B.A., Finance, Weatherhead School of Management, Case Western Reserve University
B.S., Economics, University of Michigan

EMAIL
Direct: 206.403.2468
Mobile: 415.806.4866

One Union Square
600 University Street
Suite 2528 Seattle, WA
98101-1176

Thomas Zambito
Senior Vice President

EXPERIENCE SUMMARY

Thomas Zambito III serves as Senior Vice President for BDO Valuation Advisors, LLC. With over 10 years of valuation experience, he has provided valuation opinions for financial and tax reporting purposes in a broad range of industries, including technology, financial services, healthcare, and consumer products. He has worked on a wide range of valuation assignments involving ASC 805 intangible asset valuation and purchase price allocation, ASC 350 goodwill impairment analyses, IRC 409A deferred compensation valuing common stock for privately-held companies, pre-acquisition due diligence, and tax-related valuations. His project experience has included valuations of developed and in-process research and development, customer relationships, trade names and trademarks, noncompetition agreements, loan portfolios, core deposit intangibles, fixed maturity deposits, interest rate swaps, debt instruments, and stock options. He has also reviewed hundreds of third party valuation assignments for financial reporting and tax reporting purposes. Mr. Zambito has also provided valuation advisory services for merger and acquisition, and investment purposes. His engagements have been completed for small to Fortune 500 US and international clients.

Mr. Zambito previously worked for Deloitte’s valuation practice in Seattle and San Francisco. Prior to joining Deloitte, Mr. Zambito worked at KPMG/Bearingpoint, Inc.’s valuation practice.

PROFESSIONAL AFFILIATIONS

Candidate Member, American Society of Appraisers

EDUCATION

M.B.A., Finance, French, Thunderbird School of Global Management

B.A., Business Economics, The College of Wooster

EMAIL
Direct: 415.490.3253
Mobile: 650.274.4769

One Market, Spear Tower
Suite 1100 San Francisco, CA
94105

Chrissa S. Qiu, ASA
Senior Vice President

EXPERIENCE SUMMARY

Ms. Qiu is a Senior Vice President of BDO Valuation Advisors, LLC (formerly Trenwith Valuation). She has over twelve years of valuation experience, specializing in providing valuations for financial reporting, tax reporting, and mergers and acquisitions. She has worked on a wide range of valuation assignments involving ASC 805 intangible asset valuation and purchase price allocation, ASC 350 goodwill impairment analyses, IRC 409A deferred compensation valuing common stock for privately-held companies, pre-acquisition due diligence, and tax-related valuations for corporate restructuring. She has provided valuation assistance to companies in a wide range of industries including software, hardware, semiconductor, telecommunications, automotive, construction, energy, entertainment, health care, insurance, manufacturing, and pharmaceuticals.

Prior to joining BDO, Ms. Qiu was a manager at KPMG LLP in Mountain View, California. She has worked on numerous projects involving the valuation of technology, in-process research and development, contracts and customer relationships, trademarks and trade names, non-competition agreements, and deferred revenues in the hardware, software, networking, semiconductor, semiconductor manufacturing equipment, and manufacturing industries. She has reviewed hundreds third party valuation assignments for financial reporting and tax reporting purposes. Prior to joining KPMG, Ms. Qiu was with Standard & Poor’s Corporate Value Consulting and the valuation services group of Arthur Andersen.

PROFESSIONAL AFFILIATIONS

Member, American Society of Appraisers

EDUCATION

M.B.A., Accounting and Finance, Temple University

L.L.B., Business Law, Peking University

EMAIL
Direct: 214.665.0705
Mobile: 214.707.2454

700 N. PearlStreet
Suite 2000 Dallas, TX
75201

Gregory A. Stowe
Senior Vice President

EXPERIENCE SUMMARY

Mr. Stowe has over 15 years of experience in the valuation of businesses and other business assets including family limited partnerships and limited liability companies, intangible assets, and derivative securities. Much of his work has been for financial reporting purposes; however, he also has performed tax-related assignments such as tax restructurings, outside tax basis studies, foreign interest expense allocation, and closely held securities valuations.

Mr. Stowe has completed valuations of common stock, preferred stock, restricted securities, debt instruments, and various types of intangible assets including customer relationships, license agreements, patents and technical know-how, trademarks and trade names, computer software, and other forms of intellectual property, such as in-process research and development.

Mr. Stowe has performed services for corporate clients in various industries, including energy services, prepared food, telecommunications, technology, professional sports, timber, paper, consumer products and retail. The purposes of these valuations and financial advisory services include, in part, acquisitions, divestitures, fairness opinions, pre-transaction valuation analysis and advisory services, estate and gift taxes, mergers, litigation and arbitration support, fresh-start accounting and recapitalization.

Mr. Stowe has provided expert witness testimony in Florida State Court and Federal Court for East Texas.

PROFESSIONAL AFFILIATIONS

Candidate Member, American Society of Appraisers

EDUCATION

M.B.A., Finance, Georgia State University

B.S., Petroleum Land Management, University of Oklahoma

EMAIL
Direct: 206.403.2473
Mobile: 646.957.4285

One Union Square
600 Universtiy Street
Suite 2528
Seattle, WA
98191-1176

Matthew L. Goldberg
Senior Vice President

EXPERIENCE SUMMARY

Mr. Goldberg serves as Senior Vice President for BDO Valuation Advisors, LLC. With over eight years of financial services experience, he specializes in providing valuations for financial reporting, tax reporting, and mergers and acquisitions. He has worked on a wide range of valuation assignments involving derivative valuation, international tax valuations, ASC 805 intangible asset valuation and purchase price allocations, ASC 350 goodwill impairment analyses, and valuing common stock for privately-held companies. Mr. Goldberg has performed valuation analyses in a range of different industries including financial services, life science, technology, media, industrial, retail, and manufacturing.

Prior to joining BDO, Mr. Goldberg’s experience included buy and sell side consulting, investment banking, and asset management. He has provided advisory services related to the sale, merger, and acquisitions of both public and privately held companies as well as provided services for pre-acquisition due diligence and business interruption analyses.

PROFESSIONAL AFFILIATIONS

CFA Level 2 candidate

EDUCATION

M.B.A., Global Finance and French, Thunderbird School of Global Management

B.S., Finance, Colorado State University