535 Fifth Avenue, 4th Fl, New York, NY 10017 Tel: +1.646.843.9850
Valuation and Financial Advisory In the Media and Communications Sector
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Contents
• Overview • Summit Ridge Approach & Skills
• Service Offerings and Case Studies
• Advisor Bios and Publications
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Telecom Media & Satellite
We Provide Specialized Satellite, Media and Telecom Sector Consulting
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Contents
• Overview
• Summit Ridge Approach & Skills
• Service Offerings and Case Studies
• Advisor Bios and Publications
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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)
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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
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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
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Contents
• Overview
• Summit Ridge Approach & Skills
• Service Offerings and Case Studies • Advisor Bios and Publications
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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
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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
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Contents
• Overview
• Summit Ridge Approach & Skills
• Service Offerings and Case Studies
• Advisor Bios and Publications
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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
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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
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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
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