Grant Thornton Advisory Services

Advisory Services

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Litigation supportOur litigation support services add valueto all phases of the litigation process. Priorto the filing of a complaint, we willinvestigate, perform forensic accountingservices, provide a preliminaryquantification of damages, determinepossible causes for damages and potentialmitigation. As the case progresses, weprovide case management services todetermine resource requirements and costsand to assess alternative strategies.

Once filed, we are skilled andexperienced in litigation proceedings.Typical services provided during thecourse of discovery and prior to trial are asfollows:• Prepare and respond to requests for

production of documents.• Prepare and respond to interrogatories.• Prepare and confirm stipulations.• Interview knowledgeable parties for

relevant information.• Document identification.• Gather, inventory, index and manage

evidence.• Prepare and respond to pleadings.• Perform investigation and forensic

accounting procedures.• Provide electronic data discovery and

computer forensics assistance.• Mine and analyze data.• Prepare and defend declarations,

expert disclosures and reports.• Calculate damages.• Assist to prove liability and causation

for damages.• Prepare supporting demonstratives

for trial.

Litigation and dispute consultingservices

Today’s litigious business environment poses significant riskto enterprise value. Grant Thornton’s litigation and disputeconsulting professionals help overcome the complexitiesof critical business challenges.

Advisory services

• Prepare lay and expert witnesses fortestimony.

• Provide expert testimony in depositionand in court.

• Rebut opposing expert testimony.

After settlement or trial, we can assistwith claims management, the execution ofdistribution plans and any orderedremedial actions.

Class-action assistanceWe recognize that class-action lawsuitsrequire specialized expertise to understandthe scope and potential risks associatedwith claims. Prior to class certification, ourprofessionals have had experience dealingwith certification issues and determining ifcriteria have been met under Federal Rule23(b), including class membershipdefinitions, class members and boundaries.During litigation, our professionals havethe necessary qualifications in accounting,auditing, finance, economics and statisticsto serve as consulting or testifying experts.

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Damage claim assessmentsIn most cases, our experts are retained toassess and calculate damages in complexcivil cases or to analyze the computationsof opposing experts. Our experience inlitigation, arbitration or mediationincludes, but is not limited to, thequantification of damages for thefollowing claims:• Breach of contract and other

contracting disputes.• Business interruption claims.• Corporate and securities claims.• Construction-related disputes• Fraud and white-collar crimes.• Labor and employment disputes.• Indian and tribal claims.• Insurance defense and proof of claim.• Intellectual property infringements.• Lost profits.• Professional services standard-of-care

and malpractice assertions.• Real estate venture disputes.• Whistleblower claims.

Expert witness testimonyOur experts realize that the successfuloutcome of a litigated matter issignificantly dependent on a solidfoundation of quality work andunderstandable testimony. We have theskills, knowledge, education, experienceand training in accounting, auditing,economics, finance, statistics, valuationand taxes to prepare thorough, objectiveand defensible expert witness opinions onliability, causation and economicdamages, or to rebut inadequatetestimony offered by opposing experts.Our professionals specialize in large,complex commercial cases. We aretalented and effective at communicatingour results in reports, demonstratives andexpert testimony in plain, understandablelanguage at deposition or in trial. Ourprofessionals have been qualified andhave testified as experts in federal,bankruptcy, state and tax courts, as wellas before arbitration panels.

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Post-acquisition disputesBusiness owners and executives takeextraordinary efforts to ensure that the saleor purchase of a business is a success.Nevertheless, transactions may result inlitigation or arbitration to resolve a post-acquisition dispute. Our professionals areexperienced at providing settlementassistance, claims support, working capitaladjustments and earn-out calculations. Inaddition, we are often engaged to serve asneutral arbitrators in complex accountingdisputes.

Alternative dispute resolution (ADR)Many disputes are resolved through ADRforums, such as settlement conference,mediation, binding and non-bindingarbitration and tribunal hearings. Ourprofessionals have experience serving asexpert witnesses and consultants in allthese venues.

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Litigation and dispute consultingservices

Advisory services

Forensic accountingTo perform forensic accounting services,we use recognized techniques to gather,analyze and interpret financial andeconomic evidence to assist others inmaking informed decisions about businessconcerns. Among other reasons, forensicaccounting is useful to:• Determine contractual payments.• Calculate license fees and royalties.• Validate construction costs incurred.• Analyze and classify partnership

expenditures.

• Prepare or assess business interruptionclaims.

• Locate evidence to support claims.• Determine prior period adjustments to

accounting books and records.• Validate allegations of white-collar

fraud, waste and abuse.• Investigate whistleblower claims.

Our Advisory Services team has a uniquecombination of Certified PublicAccountant (CPA) auditors and taxprofessionals, Certified Fraud Examiners(CFE), Certified Anti-Money LaunderingSpecialists (CAMS), certified electronicdata discovery technologists, and high-tech computer and research tools that giveus unmatched capabilities to successfullyperform the most complex forensicaccounting assignments.

Fraud and investigationWe believe the investigation of fraudrequires the use of skilled and experiencedfraud and forensic professionals. Ourexperienced investigators are trained torespond quickly and confidentially toallegations of fraud, white-collar crime,

Forensic accounting, fraudand investigation services

When conducting or responding to corporate investigation,a swift, strategic approach to controlling damage is paramount.Grant Thornton’s multidisciplined insights can safeguardyour company’s assets.

Advisory services

waste and abuse. Our credentialedspecialists use established forensicinvestigation methods such as interviews,computer forensics, financial analysis,records research and background searchesto discover the red flags that make up the“fraud triangle:”• The pressure or incentive to commit

fraud.• An opportunity to commit fraud.• The ability by the perpetrator to

rationalize the fraud.We produce reliable findings and

conclusions, which have been usedsuccessfully in civil, criminal andbankruptcy proceedings, corporateactions, governmental inquiries, regulatoryinvestigations and insurance claim cases,among other matters.

Fraud prevention and deterrenceTo avoid becoming a victim of fraud youmust keep it from happening. This processbegins with an assessment of enterprisefraud risk. Our professionals are thoughtleaders in this area, experienced at

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identifying and evaluating fraud risks,designing controls to prevent or deterthem, and monitoring compliance. We canidentify fraud schemes and scenarios andhelp evaluate their likelihood andsignificance using proprietary Fraud RiskAssessment Services (FRASSM). We havedesigned a Model Accounting ComplaintHandling (MACHSM) process to enhancethe effectiveness and accountability ofcorporate whistleblower claim systems.We have also developed and implementedcorporate integrity programs, performedanti-fraud training, prepared correctiveaction plans and monitored anti-fraudinternal control compliance systems.

Anti-money laundering and ForeignCorrupt Practices Act complianceThe Patriot Act, which amends the BankSecrecy Act, requires that financialinstitutions establish and maintain anti-money laundering (AML) programs. Inaddition, U.S. companies are required tocomply with the Foreign CorruptPractices Act (FCPA) regarding acceptablebusiness practices. We have developed aproven methodology for performingcompliance review assessments to bothimprove the quality and efficiency of thecontrol environment and to providemanagement with reasonable assurance ofcompliance at a minimal cost. Ourapproach includes identifying business andcompliance risks, assessing and testingexisting systems, practices and procedures,and identifying opportunities forimprovement. The methodology is flexibleand efficient, and it clearly documentsprocesses, both manual and automated, tomeet the risk-based methodology requiredby regulators.

Whistleblower complaintsThe Sarbanes-Oxley Act of 2002 (SOX)gave audit committees of public companiesresponsibility for the “receipt, retentionand treatment of complaints received bythe issuer regarding accounting, internalaccounting controls or auditing matters.”It is also apparent that private companiesand non-profit organizations will also be

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accountable for a similar level ofexpectations. We have developed theproprietary MACHSM process to assistcompanies in meeting theseresponsibilities. We have conductedwhistleblower investigations for public,private, governmental and non-profitenterprises. Our services have includedmassive reconstructions of accounts,restatements of publicly filed financialreports, enforcement activities and experttestimony.

We have helped management, boards ofdirectors and special committees todevelop corporate responses, financialreporting and remedial action plans.

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Forensic accounting, fraudand investigation services

Advisory services

Our professionals help clients protect andenforce rights to own and use patents,trademarks, copyrights, trade dress andtrade secrets and can conclusivelycommunicate the value of intellectualproperty.

A lack of adequate protection andenforcement measures can put valuableassets and even an entire business at risk.

Our intellectual property servicesofferings are enhanced by our ability toassist with license and royalty complianceissues.

Intellectual property litigationWe serve owners of intellectual propertyrights and/or assist in the defense ofalleged infringement in complex litigationmatters involving a variety of differentindustries, specialties and technologies.Our intellectual property specialists areskilled at calculating damages using thetheories of reasonable royalties, lostprofits and the Georgia Pacific factors.Our professionals have been retained asconsultants and experts in connection withpatent, copyright, trademark and tradesecret infringements and contractualdisputes. We are qualified and havetestified on intellectual property damagescases filed in federal and state courts, aswell as the International TradeCommission.

Intellectual property transactionsOur intellectual property specialists bringextensive experience from industry andadvisory roles to help evaluate, structureand execute intellectual propertytransactions. We value intellectualproperty, such as goodwill, patents,customer lists and trademarks. We evaluateout-licensing opportunities, provideassistance with the acquisition and sale ofintellectual property from industry,

Intellectual property services

In many successful companies,intellectual property is recognized asa source of competitive advantage.

Advisory services

government or academic sources, andperform due diligence and competitoranalysis. We also assess the adequacy ofinternal intellectual property managementprocesses and consult on corporatestructuring, including the formation ofintellectual property holding companies.

License and royalty complianceWe have an unparalleled combination oflicensing and royalty specialists, CPAauditors, tax practitioners and computertechnologists to perform license androyalty compliance testing. We have beenhired to resolve disputes, discover facts tobe used in negotiations, determinecontractual compliance and verify paymentsmade by licensees. Our professionals areskilled at identifying compliance issues,quantifying disputed amounts and assistingwith dispute resolution. We bring ourextensive computer forensic skills to manyof these assignments, making usparticularly cost effective in this area. If thecompliance testing leads to litigation, wecan make a seamless transition to an experttestifying role.

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Every business transaction carries somerisk. Transactions such as mergers andacquisitions, debt transactions, litigation,joint ventures and new businessrelationships hinge on adequate andaccurate information. Management mustknow with whom they are doing businessand if it is possible to get what they wantfrom the transaction. They also need toidentify and avoid doing business withfraudsters and organized crime groupswho are extremely active in today’s globalmarketplace. We can help our clients betterunderstand and manage these risks.

Through our investigation of publicrecords and an extensive array ofdatabases, as well as our people around theworld, we can provide valuableinformation.

Confirmation and verification of knownfacts• Does the business exist and is it in

good standing?• Is a resume accurate?• Are licenses current?

Disclosure of hidden facts• Are there pending lawsuits?• Is the business controlled by someone

else?• Are there undisclosed related interests?• Is there a history of fraud involving the

subject?

Selected examplesAmultinational company with variousoperations in Australia planned a jointventure overseas. We conducted discreetinquiries that linked the proposed jointventure company to a silent owner whowas involved in financial dealings with aradical Middle East political group. Thecompany had also previously beeninvolved in protracted litigation withanother multinational company for breachof contract and false invoicing. Theinvestigation provided critical informationto our client prior to decision making.

Grant Thornton was engaged by amultinational association of states andprovinces to conduct a due diligencereview of the acquisition of the corporationproviding lottery services to the

Due diligence

Put your due diligence target under the microscope. Ourteam will conduct a thorough investigation down to thesmallest detail.

Advisory services > Forensic accounting, fraud and investigation services

association’s members by a foreigncorporation. We reviewed corporate taxand financial data, as well as personaldisclosure information provided by boardmembers and officers of all partiesinvolved in the acquisition. We evaluatedall sources of funds for each individual andexamined each individual’s background forsuitability to be active in the gamingindustry. We also conducted an analysis toevaluate the effectiveness of the corporateentities anti-money laundering and anti-corruption programs. We reviewed bankstatements, vendor contracts, consultingagreements and general ledger activity toidentify any indicators of businesscorruption or organized crime infiltration.


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In today’s environment of accountability,boards and shareholders are demandingquantification of losses sustained throughillegal acts and recovery of assets.Management requires detailed informationof all aspects contributing to losses, beforemaking important decisions such asinstigating legal proceedings. At GrantThornton, we appreciate the need toperform a cost/benefit analysis before adecision is made to pursue assets in thepossession of a person or entity.

There are many instances whereoffenders have attempted to conceal assetsfrom creditors and authorities throughcomplicated transactions both on-shoreand off-shore. Our investigators areexperienced in tracing hidden assets,determining ownership of those assets anduncovering hidden interests. We collect allavailable evidence from facts, statements,documents and items that may lead to thelocation of hidden assets, both physicaland intellectual.

We use a variety of financialinvestigative techniques. In particularlycomplex financial situations, we usediagrams, graphs and flow charts as visualaids to demonstrate what has taken place.

Selected examplesAn international businessman involved ina tax minimization scheme successfullymisappropriated millions of dollars from apool of investor funds. These monies weresystematically channeled into foreign bankaccounts using a complex web oftransactions. Many of the transactionswere conducted in countries with strictprivacy and disclosure laws. We wereengaged by the investors to assist inunraveling the complex internationaltransactions with intentions to recover themissing funds. By utilizing our globalresources, we successfully traced the bulkof the monies.

A funds management firm who hadexperienced a major fraud by one of theiremployees sought to recover some of thelost assets. We conducted a financialanalysis and worked closely with theclient’s counsel to trace the assets. Courtorders were used to restrain bank accountsand to search premises. Financial recordsand other evidence were subsequentlyobtained. We then interviewed people andconducted further investigations tosupplement the documentary trail.

Asset tracing

Advisory services > Forensic accounting, fraud and investigation services 2009


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The growth of technology has dramaticallyincreased the risk of computer-relatedfraud. Fact is, sophisticated misconductrequires equally sophisticated solutions.At Grant Thornton, we are raising the baron Forensic Technology Services.

Data identificationOne of the keys to dealing with largequantities of data is the ability to identifyand locate the sources of data relevant tothe matter at hand. This includes a robustassessment of storage media, computertechnology, user sophistication anddocument-retention practices. Ourtechnology professionals are experiencedat performing evaluations to identify datasources and their locations. In some cases,we may use sophisticated queries usingproprietary search terms to find relevantdata. Our work may also include searchesfor unknown technologies and interviewsof records custodians, among otherprocedures.

Computer forensicsOnce relevant data is identified andlocated, it is then necessary to acquire andpreserve it for use. At times, we havefound that data is not in a usable format or

that it is corrupted or even deleted. Usingcomputer forensics and specially designedhardware and software, our technologyspecialists can help recover, secure andreconstruct data that may be otherwiseunusable, missing or incomplete.

Electronic discoveryElectronic discovery in connection withlitigation may introduce additionalcomplexity to the process. In suchmatters, there is an elevated need topreserve the chain of custody and to provedata integrity. Our professionals arefamiliar with recent case law and thepotential impact this may have on theelectronic discovery process. Ourspecialists are trained to use standardizedcomputer forensic techniques and prepareour work with the highest qualitystandards to preserve evidence that canwithstand the intense scrutiny and analysisoften encountered in litigation. In turn,we can provide meaningful and insightfulconclusions and testimony aboutelectronic evidence and its relevance andpotential significance.

Forensic technology services

At Grant Thornton, our professionals use state-of-the-artforensic technology approaches to uncover the truth andresolve complex business problems.

Advisory services

Data mining and analysisThe collection of data is only thebeginning of electronic discoveryknowledge development. We havefinancial analysts with expertise indatabase searches, financial analysis andrelational assessments. This expertiseassists in identifying and understandingpatterns, trends, relationships andanomalies in order to reach accurate anddefensible conclusions. In this way, data istransformed into information that can beused to create knowledge in support ofwise decision-making.

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Thanks to recent amendments to Federalrules, regulatory scrutiny, the digital dataevolution and the ever-present possibilityof litigation, companies today requirethorough, secure and efficient processesfor managing electronic information. AtGrant Thornton, we have expertise,technical resources and robust processesand technology required to take the riskout of information collection andmanagement.

Planning and scopingThis is a critical stage in constructing theapproach. We will work closely with youto develop a comprehensive discoveryplan and timelines which meet yourrequirements. This will ensure that wedeliver what you need and when youneed it.

Preservation and collectionThe professionals at Grant Thornton canhelp you navigate your way through themaze of Electronically Stored Information(ESI). Not only will we collect and preservethe data, but we will maintain the chain ofcustody. Our forensic experts can providerecovery of lost, hidden and deletedinformation, if needed. We collect andprepare data in all cases as if we’re going totrial. This ensures we are properly preparedshould the litigation proceed to court.

ProcessingOnce the data is in-house atGrant Thornton,our Electronic discovery experts use awide variety of state-of-the-art software toload and index the data into our E-Discovery platform. Optical characterrecognition software allows scanneddocuments to be stored so they are easyfor you to search. Indexing also eliminatesduplicate documents, which saves youtime. Indexing will enable easy access andreview for your global team.

E-Discovery services

When it comes to managing electronic information, you needto be prepared for critical events. At Grant Thornton, wetake control of the E-Discovery process, mitigating risk andsaving you time and money.

Advisory services

Hosting and review• In-house data center benefits

Youwill benefit fromGrant Thornton’sin-house electronic discovery datacenter. Grant Thornton IT professionalsmanage the operation of this datacenter which ensures a high level ofsecurity, minimizes hosting costs andprovides global review access.

• Safe harborGrant Thornton has joined theDepartment of Commerce safe harbor.We adhere to the privacy policy thatmeets the safe harbor framework. Thisenables us to speed the process andcollect data from the European Union.

• Multi-level securityWe have a multi-level access securitysystem which allows different users tohave different levels of access. Datareview will take place via an encryptedconnection.

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• Easy access to data for review andcollaborationWewill provide you with global accessto a centralized document repositoryto ease the sharing of documents.Secure web-based access enablesattorneys, clients, contractors andconsultants located in multiple globallocations to review confidentialdocuments when you need it. An easyinterface allows you to search,organize, and review electronic anddocument discovery information.

ProductionRelevant documents will be produced foryou in the format you need – electronic,paper etc. All documents will be Batesnumbered for your convenience.

Why Grant Thornton?Single source solutionsOur Forensic and Investigative Servicesteams and data center are all in-house. Thisenables increased security and controlsince all of the data is being stored in onelocation for global access.

Expert teamA team of experts will be pulled togetherto meet your needs. Our professionals arehighly qualified and credentialedprofessionals with backgrounds inaccounting, antifraud services, arbitration,auditing, computer science, computerforensics, data acquisition and mining, duediligence, economics, finance, law

enforcement, statistics, investigations,bankruptcy and valuation, among otherspecialties. We know how to consistentlymanage the complex litigation lifecycle.

Litigation expertiseWe have years of experience in assistingour clients prepare for trial. We will helpyou with your deposition needs, supportwith trial materials and expert witnesstestimony if needed. Many of our EASprofessionals have testified in federal andstate courts or have acted as arbitrators incomplex disputes.

Single point of contactA single Grant Thornton project managerwill be assigned to you so you alwaysknow who to call.

Quality serviceOur annual Service Quality Measurementsurvey enables you to rate yoursatisfaction based on how well ourengagement teams deliver on client-defined service delivery attributes. We usethis survey to assess our past performanceand identify areas where we can improvefor the future.

Global presenceWe are able to leverage a global team toassist when needed. Grant Thornton LLPis the U.S. member firm of GrantThornton International, a globalorganization of member firms in morethan 100 countries.

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E-Discovery servicesAdvisory services

Planning and

scoping

Identification of potentialrelevant data

Preservation and

collection

Processing

Hosting and

review

Production

Electronic discovery continuum

Strategic planningOur operational and financialprofessionals provide integrated strategicassessments to thoroughly evaluate theoverall performance and direction of abusiness, division or a specific product byexamining a variety of factors. In this way,our professionals can help develop fullysupported forecasts and plans or refinestrategic direction. We can also assess andrestructure business trade terms,conditions and incentives, and evaluatecreditor distribution plans as part of arecovery strategy.

Cash management and financialmodelingIn stressed situations, companies mustmeasure, report and forecast results, andmanage cash coincident with increasedscrutiny by third parties. By thoroughlyassessing short-term cash flows, our cashmanagement and financial modelingspecialists have proactively addressed theseissues to buy time to develop long-termsolutions. We can assist with thepreparation of integrated cash forecasts,including cash flow reports, paymentpriorities, forecasted versus actual activity,borrowing-base calculations and covenantcompliance computations. Using thisinformation, we can also identify cash-saving and generating ideas to successfullydeal with creditors.

Crisis managementOur pragmatic approach to crisismanagement situations such asbankruptcy, material financial fraud or amajor restructuring event stabilizes theenvironment by coordinating dialogueamong stakeholders and processing

Restructuring and turnaround services

At Grant Thornton we know that a key factor in crisismanagement is navigating change. Our corporate advisoryand restructuring services leaders have time-tested strategiesto turnaround a business, accelerate performance, driveenterprise value and restore opportunity.

Advisory services

information effectively. Our trainedprofessionals work with our clients toperform triage diagnostics and define long-term stabilization programs. We haveprepared and evaluated restructuring plans(in or out of court), designed andperformed financial and managementreporting, provided web-enabledcoordination activities, and managed salesand creditor negotiations.In addition, we provide the followingservices to assist debtors, debtors-in-possession, trustees, examiners, creditors,creditor committees and others:• Asset tracing.• Record reconstruction and analysis.• Special investigations.• Analysis of alleged preferential

payments or fraudulent conveyences.• Preparation of operating reports, and

regulatory filings and disclosures.• Reconciliation, substantiation and

prioritization of claims.• Analysis or reorganization plans.• Valuation of estate assets.

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Supply Chain Risk ManagementSM

We have prepared a proprietary servicecalled Supply Chain Risk ManagementSM

that can identify, quantify and managesupply chain risks related to quality, costand delivery. The result is a comprehensiveset of deliverables including, but notlimited to, an enterprise capacity analysis,cash-requirements forecasting, sourcingalternatives, a supplier rating score,inventory and warehousing management,and a proprietary companyfinancial/operational health index. We canalso provide risk containment servicesduring times of supplier crisis to avoidimminent shutdown situations.

Due diligenceDue diligence assignments provide astructured analysis of companies,individual sites or specific transactions.These projects are designed to identify andassess risks and opportunities fromfinancial and operational perspectives foreach unique merger, acquisition, sale orreorganization situation. We prepare andperform financial and operational duediligence procedures in connection withindustry risks, financial reporting anddisclosures, fraud and other enterpriserisks, management effectiveness, thereasonableness of representations andwarranties, internal controls, the accuracyof financial forecasts and budgets, keybusiness relationships, and competitors,among other matters.

Performance improvementWe believe that performance improvementbegins with value enhancement thatfocuses our clients’ time and resources onactivities that achieve short-term goals andreinforce their long-term objectives. Inconcert with our valuation and transactionadvisory practices, we help identify andimplement measurable action plans thatpromote the achievement of those goalsand objectives. Some of the methods wehave used in the past include:

• Project and new product launchreadiness review and execution.

• Manufacturing strategy developmentand implementation.

• Plant rationalization planning andexecution.

• Supply base consolidationmanagement.

• Capacity planning and balancing.• Inventory management and

production scheduling improvements.• Scrap reduction programs.• Product cost analysis, mix and pricing

optimization.• Process flow mapping and lean

manufacturing implementation.

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Acquisition integrationOur professionals can help companiesensure they will secure the synergies andbenefits that made the acquisition adesirable strategy. From pre-acquisition“launch readiness” to post-acquisitionplanning and execution, we help maintain afocus on the operating outcomes thatunderpin the acquisition strategy, reducethe period of uncertainty following thetransaction and accelerate assimilation.• Financial and operational turnarounds• Creditor advisory services• Supply chain risk management• Operational assessments• Liquidity management


Restructuring and turnaround servicesAdvisory services


Ronald M. Cote CPA, CFE, CFI

Executive Director, Economic Advisory Services Ron is an Executive Director in the Economic Advisory Services practices in Grant Thornton’s Chicago office.

Experience Over a 19 year career, Ron served as financial auditor, internal auditor, operations analyst and fraud investigator for two large, publicly traded corporations as well as several mid-size public accounting firms.

Industry experience Ron has been responsible for designing and managing fraud investigations, calculations of economic damages and arbitrations in contract disputes involving accounting matters.

Career highlights for Ron include the investigation, analysis, testing and research of:

• the manipulation of natural gas prices in the market and the related overbilling of customers by a regulated Local Distribution Company (LDC) and its unregulated mid-stream energy affiliates

• an asset misappropriation scheme taking place through the 401K plan of a major construction company spanning over seven years, requiring the examination of nearly 300

participant accounts and resulting in prosecution by the States Attorney and Department of Labor

• misrepresentations on commercial insurance policies leaving multiple organizations critically underinsured and exposing a large insurance broker to numerous errors & omissions claims

Professional qualifications and memberships • American Institute of Certified Public

Accountants • Illinois Society of Certified Public

Accountants • Association of Certified Fraud Examiners • Institute of Internal Auditors

Education Ron received his Bachelor of Science in Accountancy at the University of Illinois, Urbana

Contact details 175 W. Jackson Blvd., 20th Floor Chicago, IL 60604 T: 312.602.8414 F: 312.602.8099 E: [email protected]

Alla Royfman CPA (Illinois)

Manager, Economic Advisory Services Experience Alla has nine years of experience in financial consulting and litigation support, including valuation services. Throughout her career, she served domestic and international clients in diverse industries such as financial services, healthcare, pharmaceuticals, manufacturing, computer software, and telecommunication industries, among others. Alla has managed or participated in a variety of engagements involving shareholder disputes, financial reporting and corporate planning as well as the calculation of economic damages. Prior to joining Grant Thornton LLP, Alla was an Engagement Director at American Appraisal Associates. Her work there consisted of valuing businesses and intellectual property for financial advisory, acquisitions, divestitures, privatization, solvency opinions, debt forgiveness, tax planning, financial reporting, and other corporate and financial advisory purposes. Alla’s previous experience includes performing business valuations, buy and sell side advisory, securitization support and due diligence work at BearingPoint (former KPMG Consulting, Inc. and prior to that KPMG LLP), and advisory work at the investment banking department of BTAlexBrown International’s London office.

Professional qualifications and memberships Certified Public Accountant (Illinois)

Education Alla received her Masters of Business Administration from the University of Chicago with concentrations in Finance and Accounting and her Bachelor of Science from the University of Illinois

Contact details 175 West Jackson Blvd., 20th Floor Chicago, IL 60604 T: 312.602.8077 F: 312.602.8025 E: [email protected]



Phillip J. Robinson CPA (Illinois)

Director, Corporate Advisory & Restructuring Services Phil Robinson is a Director in Grant Thornton’s Corporate Advisory & Restructuring Services practice. Prior to joining Grant Thornton, Phil had 30 years of financial experience including 12 years with a Big 4 accounting firm and 18 years as a senior financial officer in investment companies that specialize in acquiring and operating healthcare, insurance and real estate businesses.

Experience For over 10 years, Phil has been responsible for overseeing the financial aspects of acquisitions, turnarounds and dispositions of underperforming healthcare entities. He has taken the Chief Financial Officer role at hospitals and directed the strategic planning, treasury management, cost reduction efforts, service realignments, lender relationships, forbearance negotiations and bankruptcy preparation.

Phil was the Chief Financial Officer of Medical Management of America, a healthcare management and turnaround company and was the Interim Chief Financial Officer for Michael Reese Hospital. He was also the Chief Financial Officer for Doctors Community Healthcare Corp, a six hospital holding and management company with $400 million in revenues, as it

emerged from bankruptcy. Affiliations • Member - American Institute of CPAs • Member - Turnaround Management

Association • Member - Healthcare Financial Management

Association Education Bachelor of Science (Accounting), Illinois State University

Contact details 175 W. Jackson Blvd., 20th Floor Chicago, IL 60604 T: 312.602.8130 F: 312.602.8025 E: [email protected]


Robert A. Lack CPA/ABV, CFA, CIRA

Director, Corporate Advisory & Restructuring Services Robert A. Lack is a Director in the Corporate Advisory & Restructuring Services practice of Grant Thornton located in Chicago. Mr. Lack has significant experience providing financial expertise to both Fortune 500 and middle market businesses in distressed situations and transactions. Mr. Lack performs advisory work for debtors, creditors’ committees, trustees, financial institutions, and customer groups and is responsible for the overall execution of turnarounds, financial restructurings, divestitures and liquidations. Some of the industries served by Mr. Lack include automotive, healthcare, telecommunications, financial services, insurance, food, retail, manufacturing, and distribution Industry experience Prior to joining our firm, Mr. Lack spent four years at Stout Risius Ross, Inc. as a Director in their Restructuring & Performance Improvement group and five years at Arthur Andersen LLP as a Director in their Corporate Restructuring Group. Mr. Lack was responsible for planning and executing financial restructurings, divestitures and liquidations. Mr. Lack’s responsibilities covered most aspects of financial analysis and due diligence in distressed situations and transactions, including strategic and business planning, analyzing capital structures, liquidity management, development of cash flow models and budgets,

valuations of businesses and assets, assistance in the development of plans of reorganization, and investigations of alleged fraud and asset misappropriations. Mr. Lack has advised small closely held businesses as well as billion dollar publicly traded Fortune 500 companies. In addition, he has advised and served on unsecured creditors’ committees and served as de facto Chapter 11 and Chapter 7 trustee. In addition, Mr. Lack held positions in investment banking, valuation consulting and lending with Alex Sheshunoff & Co. Investment Banking, Hales & Associates, Inc., General Motors Acceptance Corporation and The Mid-City National Bank of Chicago. Professional qualifications and memberships • Certified Public Accountant • Accredited Business Valuator • Chartered Financial Analyst • Certified Insolvency and Restructuring Advisor • American Institute of Certified Public

Accountants • Illinois CPA Society • American Bankruptcy Institute • Turnaround Management Association


EducationMaster of Business Administration, Saint Xavier UniversityBachelor of Science, Finance, University of Missouri-Columbia

Contact details175 W. Jackson Boulevard, 20th FloorChicago, IL 60604

T: 312.602.8256F: 312.602.8025E: Bob.Lack @gt.com

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