summit ridge group, llc: communications industry valuation and strategic advisory - full brochure

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

Valuation and Strategic Advisory In the Media and Communications Sector

www.SummitRidgeGroup.com

Contents

• Overview • SRG Approach & Skills

• Service Offerings and Case Studies

• Founder’s Bio and Publications


Traditional Service Providers Disintegrated - Highly Focused, Area-Specific Capabilities

I-Banks •  Finance and

Transactions •  M&A, Financing •  Contingency Fees

Research Firms •  Finance & Strategy •  Research •  Project Based

Billing

Consultants •  Strategy or

Specific Function •  Consulting •  Hourly/Project

Billing

Law Firms •  Regulatory •  Law •  Hourly Billing

G A P


Summit Ridge Group Fills the Gap

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

•  Valuation or transaction assignments requiring substantial industry expertise (i.e. spectrum valuation)

•  Single-firm efficiencies lower client costs

Investment Banking Research

Consulting Legal

SRG Has Cross-Disciplinary Skills


Contents

• Overview

• SRG Approach & Skills




SRG Approach: Combine Skills and Experience From Multiple Areas

Investment Banking •  Former president of

boutique I-bank •  Experience in large and

boutique firms •  Significant transaction

experience of wide variety of deals

Research •  Deep communication

industry experience •  Former top-ranked Wall

Street research analyst •  CFA charterholder

Consulting •  Experience leading large

consulting projects •  Deep communications

industry experience •  Broad functional

experience

Legal/Regulatory •  Admitted to NY Bar •  Published in major law

journals •  Corp. governance and

financial industry & spectrum license rights expertise

•  Experienced expert witness

SRG


SRG Brings Diverse Perspectives to a Client’s Project While Creating Single-Firm Efficiencies That Provide More Cost Effective Solutions for Clients

Deep Industry Expertise Transaction

Strategic

Financial Legal/Regulatory

Client Project


Contents

• Overview


• Service Offerings and Case Studies • Founder’s Bio and Publications


Service Offerings

Valua%on •  Transac%onal • Bankruptcy • Fairness opinions • M&A

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

Strategic Advisory •  Financial • Due diligence • M&A advisory

•  Strategic Development

•  Regulatory • Responding to agency publica%ons

• Spectrum auc%on/license acquisi%on support

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

•  Short-‐term phone consulta%ons

Li%ga%on Support •  Exper%se includes: • Broadband/Spectrum

• Research prac%ces • Satellite communica%ons

• Securi%es Industry/Research prac%ces

• Valua%on


SRG’s Advantages by Service Offering Valua%on Strategic Advisory Custom Research Li%ga%on Support

Background: §  Significant communica%on industry exper%se for complex valua%ons §  Allows rapid comple%on with greater quality §  Deal team/management is not distracted by inefficient ques%ons/data requests §  Support deal team by offering insight into value drivers and compe%%ve dynamics §  Valua%ons conform to ASA, USPAP and AICPA standards

Examples: §  Bankruptcy, Fairness Opinions, Intangible Asset Valua%on (inc Rf spectrum), Por=olio Valua%on, Purchase Price Alloca%ons, Solvency Opinions

Financial: §  Deep industry background combined with finance and legal background allows deal support from mul%-‐disciplinary perspec%ve.

Corporate Strategic Development: §  Leverage industry knowledge and rela%onships to provide consul%ng support for corporate financings or business development efforts

Regulatory: §  Legal background and industry knowledge facilitates rapid and accurate analysis of complex regulatory issues

Background: •  Former top-‐ranked research analyst with extensive industry background and connec%ons •  Able to track-‐down hard to find informa%on In-‐Depth Projects: • Able to conduct in-‐depth analyses of complex topics overlooked by tradi%onal research providers. Phone Consulta%ons: • Provide phone consulta%ons to investors and companies through major expert network providers. • Pay by the minute -‐ no long-‐term engagement

Experience: §  Selected by several Am Law 25 firms to provide li%ga%on support

Recognized expert in the areas of: §  Valua%on §  Satellite Communica%ons §  Investment research processes and procedures §  Corporate governance related to research and valua%on

Experience providing: §  General consul%ng/support §  Expert witness report prepara%on -‐ FRCP 26(a)2(b) §  Deposi%on and Court Tes%mony


SRG Case Studies Valua%on Strategic Advisory 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 permi]ed 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 commi]ee to support proposal for commi]ee’s bankruptcy nego%a%on strategy

Company Analysis §  Engaged by large hedge fund to value a significant telecom holding a`er 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





IV. J. Armand Musey, CFA (Founder)

Industry Background §  Unique blend of 16 years of equity research, investment banking and consulting experience including

§ Top Ranked Equity Research Analyst §  Three-time Institutional Investor “All American” Ranking §  #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)


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: h]p://ssrn.com/author=1736251

Major Law Journals

• From the Ground Up. Wrote monthly ar%cles and oversaw produc%on of a widely read monthly newsle]er 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

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