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PRESENT POSITION
Mr. King currently serves as our Vice Chairman and Senior Technical Director, for the National Financial Valuation and Consulting Practice of Marshall & Stevens, Incorporated. Mr. King was previously chairman of Valuation Research Corporation. He began his association with that company in April 1991. Mr. King had served as the company's chief financial officer during its early years, leaving in 1981 to take the position of managing director with the Institute of Management Accountants (formerly known as the National Association of Accountants).
Mr. King's areas of expertise include valuation of intangible/intellectual assets, business valuations, solvency and reasonable equivalent value issues, valuation issues relating to domestic and international taxes and financial reporting, and complex allocation-of-purchase-cost assignments, including retrospective studies, and litigation support. He has been admitted as an expert witness in cases involving damages and business enterprise values. Engagements have been defended before the Internal Revenue Service and before various Federal and State Courts, including the Southern District of New York, as well as arbitration panels under Federal Guidelines. In his career to date he has personally appraised over $100 Billion of assets.
In 1969, Mr. King joined American Appraisal Associates as controller, eventually becoming the firm's Chief Financial Officer. While with American, Mr. King was involved in acquisitions, divestitures, and financing. In addition, he played a role in the initial public offering of the company's stock. Mr. King also participated in a wide range of appraisal and property record projects, including current value and replacement cost studies.
As managing director of the Institute of Management Accountants, Mr. King was responsible for the association's professional activities, including education and research, and for its monthly magazine, Strategic Finance.
EXPERIENCE
Mr. King's areas of expertise include litigation support, valuation of intangible/intellectual assets, business valuations, solvency and reasonable equivalent value issues, valuation issues relating to domestic and international taxes and financial reporting, and complex allocation-of-purchase-cost assignments, including retrospective studies. He has been admitted as an expert witness in cases involving damages and business enterprise values. Engagements have been defended before the Internal Revenue Service and before various Federal and State Courts, including the Southern District of New York, as well as arbitration panels under Federal Guidelines. In his career to date he has personally appraised over $100 Billion of assets.
EMPLOYMENT
After receiving his bachelor's degree, Mr. King worked in the Cash Management and Trust Investment departments at Northern Trust Co. in Chicago. He joined General Motors Corporation's Electro-Motive Division in 1959, assuming responsibility for cost accounting, standard costs, and budgeting. He left GM to work for two subsidiaries of Tenneco Inc., Walker Mfg. Co. and J.I. Case, for whom he was assistant corporate controller in charge of international and manufacturing accounting, including budgeting, financial reporting, and financial analysis.
In 1969, Mr. King joined American Appraisal Associates as controller, eventually becoming the firm's Chief Financial Officer. While with American, Mr. King was involved in acquisitions, divestitures, and financing. In addition, he played a role in the initial public offering of the company's stock. Mr. King also participated in a wide range of appraisal and property record projects, including current value and replacement cost studies.
EDUCATION
A native of Boston, Mr. King graduated magna cum laude in economics from Harvard College in 1954. In1959, he received an MBA in finance from Harvard Business School.
After receiving his bachelor's degree, Mr. King worked in the Cash Management and Trust Investment departments at Northern Trust Co. in Chicago. He joined General Motors Corporation's Electro-Motive Division in 1959, assuming responsibility for cost accounting, standard costs, and budgeting. He left GM to work for two subsidiaries of Tenneco Inc., Walker Mfg. Co. and J.I. Case, for whom he was assistant corporate controller in charge of international and manufacturing accounting, including budgeting, financial reporting, and financial analysis.
COURT TESTIMONY
2003 Ararad v. Afshar, California
Trademark infringement
2002-2003 Walt Disney v. State of New York
State income tax allocation
2001 City Holding v. Citigroup
Trademark infringement
2000-2001 United Pet Group v. Florida Capital Partners
Arbitration dispute over business enterprise value following acquisition
1999 Excess compensation case between
Subchapter S Corporation and State of Maryland Business enterprise valuation (confidential)
1998 M.S. Nelkin (jewelry mfg.), New York State court
Dispute regarding value of partnership
1997 Puerto Rico Star newspaper, Federal District Court NYC
Valuation of business for partnership dispute
1996 Danka v. Arden
Arbitration hearing in Chicago regarding misleading financial statements
PROFESSIONAL AFFILIATIONS
Still active in the Institute of Management Accountants, Mr. King is also a member of the Financial Executives International. He is listed in the current edition of Who's Who in America and Who’s Who in Finance and Industry.
PARTIAL LIST OF CLIENTS PERSONALLY SERVED
In the last few years, Mr. King has personally been responsible for valuing over $100 billion of assets. A representative listing of clients whom Mr. King has served is as follows:
BakerBotts, LLP
Citibank, N.A.
CK Witco
Colgate Palmolive
Danka Industries/PLC
Engelhard
Enhance Financial Services Group
Fleet Financial
General Electric Capital
Goodwin, Proctor, & Hoar
Hanson Industries/PLC
Indian River Memorial Hospital
Ingersoll Rand
Jupitermedia
Johnson & Johnson
PepsiCo
Philip Morris
RAB Holdings (Manischewitz)
San Juan Star
Schwarz Pharma
Siemens Corp./AG
Skadden, Arps, Slate, Meagher & Flom
Squadron, Ellenoff, Plesent, Sheinfeld &
Sorkin
Sulzer
Triarc
Velcro USA
Current Bibliography
BOOKS
1
. “Valuation: What Assets are Really Worth” John Wiley & Sons 2002
2. “Valuing an Internet Business” Chapter D1 in “Handbook of E-Business” ed. By Jessica Keyes Warren, Gorham & Lamont 2000
3. “Total Cash Management” McGraw Hill 1994
4. “Cases in Accounting Ethics and Professionalism” 2nd Ed. Steven M. Mintz, editor McGraw-Hill 1992 AMK wrote the Forward
5. “The Relationship of Replacement Cost Information Required by the SEC and Internal Capital Expenditure Budgeting” in 1977 Transactions of the American Association of Cost Engineers.
6. “Valuation and Expiration of Long-lived Tangible Assets” Chapter 9 in The Modern Accountant’s Handbook ed. By Edwards and Black Dow Jones Irwin 1976
7. “Price-Level Accounting is Not a Panacea” in “Reporting the Effects of Inflation in Financial Statements” ed. By Henri Pusker & Rudolph Malandro Kent State University 1975
8. “Increasing the Productivity of Company Cash” Prentice Hall 1969
ARTICLES
• “Go Figure: FASB’s Proposed Rule for Fair Value Measurement” Strategic Finance July 2004
• “Agreeing with Miller & Bahnson – to a point” Accounting Today May 3-16, 2004
• “U.S. Private Equity Valuation Guidelines” M& A Today April, 2004
• “Abiding by an Ethics Code Should Be a Standard in Spotsylvania” Free Lance-Star (Fredericksburg, VA) January 8, 2004
• Reply to Messrs. Miller & Bahnson Accounting Today November 25, 2003
• Book Reviews on M&A and Real Options Strategic Finance November 2003
• “Determining the Real Value of Intangible Assets” The Accounting World [India] October 2003
• “Fair Value Accounting: Its Time Has Come and Gone” Strategic Finance September 2003
• “The Momentum of Globalization” Strategic Finance April 2003
• “M&A Accounting: Welcome Change: The Accounting World [India] February 2003
• “New Wrinkles in Accounting for Customer Relationships” Mergers & Acquisitions
April 2003
• “New Accounting Rules Improve the M&A Process” M&A Today January 2003
• “Sarbanes-Oxley Act – Implications for the Accounting Profession” The Accounting World [India] October 2002
• “Options Can Be Valued” Strategic Finance October 2002
• “Enron: An Affront to Financial Managers” Strategic Finance July 2002
• “Buyers (and Sellers): Beware of New Rules Financial Executive July 2002
• “Enron: An Affront to Financial Managers” Journal of Cost Management July 2002
• “Planning and Preparation Can Maximize Benefits of New Goodwill Impairment Testing Rule” The Mergers & Acquisitions Advisor May 2002
• “Detailed Due Diligence is Required to Anticipate the Impact of the New FASB Requirements” The Mergers & Acquisitions Advisor March 2002
• “Accounting for Customer Relationships in Mergers and Acquisitions” Strategic Finance Feb. 2002
• “Intangibles: What Their Valuation is Really Worth” FEI Issues Alert Feb. 2002
• “Applying New M&A Accounting Rules” Strategic Finance November 2001
• The following articles all appeared between 1997 and 2003 in issues of the monthly newsletter M&A Today:
”Business Combinations: The Importance of Tangible Assets”
”Valuing a Contingent Liability”
”S Corp. vs. C Corp: Is There a Difference in Value?”
“Putting the FASB to Work for You”
“EBITDA as a Measure of Value in M&A”
“Valuing a Going Concern: e-Commerce Businesses”
“Valuing a Start-up Internet Business”
“Valuation of Stock Options”
“Ask for a Solvency Opinion”
”Research & Development: Asset or Expense?”
”Brand Names Do Have Value”
• “Cost Management and Corporate Valuation” Journal of Cost Management September 2000
• “Valuing Red-Hot Internet Stocks” Strategic Finance April 2000
• “Merger Accounting Magic May Disappear” Strategic Finance January 2000
• “Valuing Intangible Assets Through Appraisals” Strategic Finance November 1999
• “Why Fair Value Accounting Can’t Work” Financial Executive July 1999
• “What is the Value of Your Website?” Strategic Finance March 1999
• “Three Significant Digits” Journal of Cost Management Winter 1997
• “Asset Impairment – The FASB Gets It Right” Management Accounting January 1996
• “Are Your Customer’s Assets Overstated?” Business Credit June 1994
• “Asset Impairment” Management Accounting March 1994
• “Understanding the Cost of Excess Capacity” Management Accounting July 1993
• “Cost Management Concepts and Principles” Journal of Cost Management Fall 1993
• “Risky Business: Defense Contractors After the Cold War” Management Accounting October 1993
• “The IRS’ New Neutron Bomb” Management Accounting December 1992
• “GAAP Financial Statements” Business Credit November 1992
• “Financial Statements” Business Credit October 1992
• “What is the Real Value of Those Assets? Practical Applications of Current Valuation” Journal of Corporate Accounting and Finance Summer 1992
• “Let’s Make America Competitive Again” Management Accounting May 1992
• “Let the Buyer Beware” Management Accounting November 1991
• “The Current Status of Activity-Based Costing” Management Accounting September 1991
• “The Development of Cost Management” Journal of Cost Management Spring 1991
• “ Brand Names: The Invisible Assets” Management Accounting November 1990
• “Fraudulent Financial Reporting: Raise the Ante” Management Accounting March 1989
• “The Role of Education in Developing the Future Profession” Georgia Journal of Accounting Spring 1988
• “Can Production Executives and Financial Executives Learn to Keep in Touch?” FE November 1986
• “Appraising for Loan Collateral” Cashflow July 1980
• “How to Comply With FASB 33” Financial Executive March 1980
• “Reported Earnings Procedures – Ready for a Review?” Financial Executive November 1979
• “Current Value – What is it Worth?” Financial Executive November 1977
• “More on Depreciation in an Inflationary Economy” Journal of Accountancy February 1977
• “Replacement Cost Accounting: The High Road or the Low Road?” Wisconsin CPA December 1976
• “Price Level Restatement: Solution or Problem?” Management Accounting November 1976
• ”Replacement Cost Accounting: Developing the Information” Financial Executive August 1976
• “Replacement Cost Accounting – The Role of the CPA” Wisconsin CPA June 1976
• “Current Value Accounting Comes of Age” Financial Executive January 1976
• “Fair Value Reporting” Management Accounting March 1975
• “How Good is Price Level Accounting?” Financial Executive February 1975
• “Managing MIS: Controlling Costs”
”Managing MIS: Auditing for Accuracy”
”Managing MIS: Personnel”
”Managing MIS: Security”
All four in Financial Executive June 1974
• “Reduce the Cost of Compensating Balances” Financial Executive January 1974
• “Check-Account Payroll System” Management Accounting June 1970
• “Budgeting Foreign Exchange Losses” Management Accounting October 1969
• “Accounting Problems Raised by a Foreign Subsidy” Management Accounting July 1966
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