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Case Studies

Multinational developer tax consulting advice

Marcum LLP provided tax consulting advice to a large, multinational developer involved in a $1.5 billion real estate venture in northern Florida. The tax structuring proposal may result in a tax savings between $40-60 million to all parties involved.

Luxury condominium hotel developer consulting

Marcum LLP consulted for the developer of a $400 million luxury condominium hotel property located in Palm Beach, FL. Our advice extended to issues including unit mix, unit size pricing and project amenities. We also assisted the developer in selecting other professionals, including lawyers, feasibility analysts, engineers, general contractors and luxury hotel management companies.

Review of condominium developer's operations and financial structure

Marcum LLP assembled a team of real estate, audit, finance, tax and technology professionals to critically review the operations and financial structure of a major Florida condominium developer. Marcum LLP's recommendations resulted in the developer streamlining its accounting procedures, upgrading information systems, improving investor communications, creating a more tax-efficient structure and establishing human resource and loan compliance departments.

Assisted with FHA financing

We represented the owner/developer of a 130-unit adult congregate living facility located in Venice, FL, assisting in the procurement of FHA financing to build the facility. Our services included financial modeling, preparation of the loan presentation and negotiation of loan terms. Additionally, Marcum LLP provided accounting and construction-related assistance, including negotiations with the general contractor, providing AIA draw requests and maintaining subcontractor lien waivers.

Role as appointed plan administrator

A Marcum LLP partner was appointed plan administrator of a consensual plan of reorganization. His responsibilities included completing construction of a $100 million-plus interrupted condominium project and completing and closing project sales, while maximizing the value of the project for interested creditors.

Reduced tax exposure of international real estate development project

By properly planning and structuring an international real estate development project, a Marcum LLP client was able to preserve the use of capital gains tax rates on the appreciation in the value of their property prior to its development. The result of our consulting reduced the clients tax exposure by more than $3 million.

Engaged a cost segregation engineer

Marcum LLP engaged a cost segregation engineer for one of its clients to review the depreciable life of a $10 million office building in Colorado. The results of the study produced an immediate actual and present value cash savings of more than $500,000.

Structured Florida real estate venture involving European investors

In conjunction with its network of attorneys and international contacts, Marcum LLP was able to structure a Florida real estate venture involving European investors. As a result of its planning efforts, the international investors were free from any U.S. withholding requirements and limited to a combined domestic and international tax rate of approximately one percent.

Financial Assessment of Rail and Highway Government Agency

The Advisory Services Group of Marcum LLP was engaged to provide an in-depth financial assessment of the financial management practices of a government agency responsible for rail and highway transportation.

Marcum LLP identified the financial problems and shortcomings in the finance and accounting operations of the entity that threatened the completion of a major rail expansion, if not addressed, would result in an approximately $2.8B shortfall in funding to build this new rail expansion. Some of the issues related to financial uncertainty and instability that were identified include:
  • Underfunded expenditure plan and inadequate funding for planned capital projects
  • Underfunded asset maintenance
  • Underfunded pension and retiree plans
  • Over-reliance on reserves to support operations
  • Over-reliance of volatile revenue sources to support operations and capital projects
  • Unrealistic fare box recovery expectations
Historically, a perception existed among the entity’s constituents that the organization did not have effective financial management. The entity even experienced a grand jury investigation into mismanagement.

Marcum LLP identified, through its assessment, areas of shortcomings in the financial management and provided recommendations to address and overcome these shortcomings and to begin to put the entity on a path to sound, prudent and conservative financial management.

Financial Advisor to the Trustee and Receiver of Major Ponzi Scheme

In a major Ponzi scheme in Florida involving over $300 million, Marcum LLP was retained as financial advisors to the Trustee and Receiver. As consultants, Marcum LLP assisted with the identification and recovery from avoidance actions and litigation involving other parties, and also performed claims analysis for an investor base of over 2,000 claimants. As accountants, Marcum LLP maintained the books of the Estate and the Receivership and helped to resolve numerous tax related issues. The defrauded investors recovered almost 65% in this proceeding.

Investigation of Ponzi Scheme in Palm Beach County

Marcum LLP professionals were involved in the investigation of a Ponzi scheme in Palm Beach County. The perpetrator of the scheme, through an intricate web of investment and brokerage firms, raised over $40 million from over 300 unsuspecting investors and siphoned funds to offshore locations and related parties. Marcum LLP professionals assisted Counsel with the identification and recovery of preference transfers, fraudulent conveyances, and assets transferred to offshore locations and related parties, and also assisted with claims analysis and objections.

Implementation of Economic Damages Model to Calculate Breaches of Employment

Marcum LLP prepared a regression-analysis-based economic damage model to calculate loss of income incurred by a computer software company resulting from breaches of employment contracts and non-compete agreements by former employees.

Mortgage Warehouse Loan Advances Tracking

Our economic damage team developed a database management application to track funding, shipping, sale and repayment of mortgage warehouse loan advances and related collateral security. We further developed an expert report of damages in connection with litigation resulting from a fidelity bond company’s denial of claim relating to collateral sold out of trust.

Economic Damage Calculations for Ex-Employees Denied Compensation

Our team of professionals prepared economic damage calculations for each of several partners who left a major consulting firm and were denied payments relating to salary, profit-sharing, capital distributions, and unbilled time and uncollected receivables. We analyzed and critiqued damage calculations prepared by the opposing expert relative to lost profits alleged to have been incurred by the consulting firm.

Forensic Audit of International Embezzlement Scheme

Marcum LLP recently conducted a forensic audit for a corporate client overseas during which a documented embezzlement scheme that was allegedly conducted by the Plant Manager and his Administrative Assistant was uncovered. The forensic audit determined that a separate corporation had been formed by the husband of the Administrative Assistant, and that this corporation submitted invoices to the corporate client for products that were allegedly not delivered. The audit involved detailed analyses of financial records, recovery and analyses of electronic data, interviews of key corporate employees, and a review of internal controls. The audit resulted in a written opinion regarding the implementation and operation of this scheme by the Plant Manager and his Administrative Assistant, as well as recommendations regarding the design and implementation of the client’s internal controls.

Receivership for High Profile Medicare Fraud Conviction

Receivership for forfeited assets from a high profile medicare fraud conviction in South Florida. Liquidated over $44 million worth of assets. Within a year, the $44 million included:

  • $16 million business as a going concern (approx). Post receivership, this business continued operating in an effort to keep the employees employed, avoid creditors losing money, and to get as much value from the business towards the forfeiture amount. The forensic team helped run the business to keep it afloat until the sale of the assets.
  • $21 million commercial building in Miami with tenants
  • $5.5 million in 3 warehouses/ commercial property in Miami
  • $3 million in personal property including a plane, cars and a yacht Close to $400,000 residential property in Savannah, GA
  • $5.1 million residential property in the Florida Keys is under contract and ready for closing. $800,000 commercial property is under contract in Georgia

The firm was commended by the Federal Judge for liquidating the highest amount of assets of this type of forfeiture for medicare fraud ever in the United States.

Appointed Receiver for $80 Million in Fortified Assets

Appointment in federal district court as receiver for $80 million in forfeited assets, which are being liquidated under order of the court, and include $45 million in commercial and residential real estate. The receivership has successfully liquidated or is liquidating these assets and is realizing over 90% of appraised values for this estate.

IRS Criminal Investigation Case Review of Understatement in Taxes

Marcum LLP professionals were engaged to assist an attorney and his client on a criminal tax case at the 12th hour of the investigation and facing indictment. The client had been under an IRS Criminal Investigation for almost four years and IRS was proposing an understatement of over $600,000 over a two year period. Marcum LLP’s cadre of forensic accountants and former special agents with IRS-Criminal Investigation were retained under a “Kovel letter”, quickly evaluated the documentation available, and determined there were both technical and procedural problems with the Government’s case. The client’s attorney had previously tried to dissuade the IRS and later Department of Justice attorneys in prior meetings from going forward with the investigation. Marcum LLP professionals assembled a report reflecting potential weaknesses identified in the case and presented new arguments to the US Attorney’s office for consideration. The meeting resulted in a sealed indictment to protect both the Government’s interest as well as any unnecessary negative publicity to the client. Currently, the indictment has remained sealed for almost a year as the Government attempts to addresses the weaknesses identified in their case.

Representative Damages Determination Engagements

Other examples of representative damages determination engagements include the following:

  • Prepared regression analysis based damage model to calculate loss of income incurred by a computer software company resulting from breaches of employment contracts and non-compete agreements by former employees.
  • Developed database management program to track funding, shipping, sale, and repayment of mortgage warehouse loan advances and related collateral security. Prepared expert report of damages in connection with litigation resulting from a fidelity bond company’s denial of claim relating to collateral sold out of trust.
  • Evaluated and quantified amounts relating to partnership liquidations, profit allocations, and partner distributions. Prepared analyses, computer model, and trial exhibits relating to distributions projected/made to partners of a limited partnership which owned commercial office property in New York City.

Financial Advisor to the Trustee and Receiver of Major Ponzi Scheme

In a major Ponzi scheme in Florida involving over $300 million, Marcum LLP was retained as financial advisors to the Trustee and Receiver. As consultants, Marcum LLP assisted with the identification and recovery from avoidance actions and litigation involving other parties, and also performed claims analysis for an investor base of over 2,000 claimants. As accountants, Marcum LLP maintained the books of the Estate and the Receivership and helped to resolve numerous tax related issues. The defrauded investors recovered almost 65% in this proceeding.

Investigation of Ponzi Scheme in Palm Beach County

Marcum LLP professionals were involved in the investigation of a Ponzi scheme in Palm Beach County. The perpetrator of the scheme, through an intricate web of investment and brokerage firms, raised over $40 million from over 300 unsuspecting investors and siphoned funds to offshore locations and related parties. Marcum LLP professionals assisted Counsel with the identification and recovery of preference transfers, fraudulent conveyances, and assets transferred to offshore locations and related parties, and also assisted with claims analysis and objections.

Appointment as Plan Administrator of High-Rise Condominium Project

Appointment in bankruptcy court as plan administrator to complete plan implementation for a high-rise condominium project composed of two, 45-story towers. The engagement entailed resolution of more than $10 million in association turnover claims, supervising a sales office responsible for selling the remaining $18 million in unit and cabana inventory and evaluating and directing litigation claims of more than $30 million against design professionals, contractors and material men.

Receivership for High Profile Medicare Fraud Conviction

Receivership for forfeited assets from a high profile medicare fraud conviction in South Florida. Liquidated over $44 million worth of assets. Within a year, the $44 million included:

  • $16 million business as a going concern (approx). Post receivership, this business continued operating in an effort to keep the employees employed, avoid creditors losing money, and to get as much value from the business towards the forfeiture amount. The forensic team helped run the business to keep it afloat until the sale of the assets.
  • $21 million commercial building in Miami with tenants
  • $5.5 million in 3 warehouses/ commercial property in Miami
  • $3 million in personal property including a plane, cars and a yacht Close to $400,000 residential property in Savannah, GA
  • $5.1 million residential property in the Florida Keys is under contract and ready for closing. $800,000 commercial property is under contract in Georgia

The firm was commended by the Federal Judge for liquidating the highest amount of assets of this type of forfeiture for medicare fraud ever in the United States.

Appointed Receiver for $80 Million in Fortified Assets

Appointment in federal district court as receiver for $80 million in forfeited assets, which are being liquidated under order of the court, and include $45 million in commercial and residential real estate. The receivership has successfully liquidated or is liquidating these assets and is realizing over 90% of appraised values for this estate.

Appointment in Bankruptcy Court as Plan Administrator of a Consensual Plan of Reorganization

Appointment in bankruptcy court as plan administrator of a consensual plan of reorganization. Responsibilities included completing construction of a $100 million-plus interrupted condominium project and completing and closing project sales, while maximizing the value of the project for interested creditors.

Advisory on Liquidation Value of Major Shopping/Office Complex

Representing the beneficiaries of a Washington, D.C. based charitable trust, provided an expert report regarding the likely liquidation value of a major shopping/office complex located on Florida’s west coast. The engagement was extended to include “shadow oversight” of the trustee during his effort to market and sell the property.

Implementation of Economic Damages Model to Calculate Breaches of Employment

Marcum LLP prepared a regression-analysis-based economic damage model to calculate loss of income incurred by a computer software company resulting from breaches of employment contracts and non-compete agreements by former employees.

Mortgage Warehouse Loan Advances Tracking

Our economic damage team developed a database management application to track funding, shipping, sale and repayment of mortgage warehouse loan advances and related collateral security. We further developed an expert report of damages in connection with litigation resulting from a fidelity bond company’s denial of claim relating to collateral sold out of trust..

Economic Damage Calculations for Ex-Employees Denied Compensation

Our team of professionals prepared economic damage calculations for each of several partners who left a major consulting firm and were denied payments relating to salary, profit-sharing, capital distributions, and unbilled time and uncollected receivables. We analyzed and critiqued damage calculations prepared by the opposing expert relative to lost profits alleged to have been incurred by the consulting firm.

Review of Operations and Financial Structure of Major Florida Condominium Developer

Directed a team of real estate, audit, finance, tax and technology professionals to critically review the operations and financial structure of a major Florida condominium developer. Marcum LLP’s recommendations resulted in the developer streamlining its accounting procedures, updating information systems, improving investor communications, creating a more tax-efficient structure and establishing human resource and loan compliance departments.

Advisory on Increasing Franchise Value of South Florida General Contractor

Provided consulting services to a South Florida general contractor on increasing the operational efficiency to his accounting and contact management systems and policies and procedures to better position his company for increased growth, all in the interest of increasing franchise value to position the company for sale in three to five years.

Critique Damage Theory from Breach and Termination of Exclusive Distribution Agreement

A manufacturer of a specialty product was found to be liable to a distributor for the breach and termination of an exclusive distribution agreement. Marcum LLP was engaged by the manufacturer’s counsel to review the opposing expert’s report and critique the damage theory and methodology used to calculate damages. Numerous flaws, inconsistencies and errors in the opposing expert’s report were found, which were communicated to counsel who then used such information to effectively impugn the opposing expert’s damage calculations during cross-examination. In addition, we prepared a competent report calculating damages consistent with the findings of the arbitrators, the agreement between the parties, and existing circumstances affecting the parties’ performance under the agreement. We provided valuable testimony before an arbitration panel over a two-day period. The final award of damages to the distributor was in an amount that was less than 10% of what the opposing expert had calculated.

Damage Model Developed to Review Cost Overruns

Marcum LLP was retained by counsel for a large contractor that specializes in both interior and exterior building finishes in connection with claims asserted against a major national general contractor. The claims related to cost overruns caused by deficient preparatory leveling and surfacing work performed by the general contractor. We developed a damage model relating to the cost overruns and quantified amounts relating to additional framing, drywall finishing, scaffolding and corrective leveling.

Financial Assessment of Rail and Highway Government Agency

The Advisory Services Group of Marcum LLP was engaged to provide an in-depth financial assessment of the financial management practices of a government agency responsible for rail and highway transportation.

Marcum LLP identified the financial problems and shortcomings in the finance and accounting operations of the entity that threatened the completion of a major rail expansion, if not addressed, would result in an approximately $2.8B shortfall in funding to build this new rail expansion. Some of the issues related to financial uncertainty and instability that were identified include:

  • Underfunded expenditure plan and inadequate funding for planned capital projects
  • Underfunded asset maintenance
  • Underfunded pension and retiree plans
  • Over-reliance on reserves to support operations
  • Over-reliance of volatile revenue sources to support operations and capital projects
  • Unrealistic fare box recovery expectations

 Historically, a perception existed among the entity’s constituents that the organization did not have effective financial management. The entity even experienced a grand jury investigation into mismanagement.

Marcum LLP identified, through its assessment, areas of shortcomings in the financial management and provided recommendations to address and overcome these shortcomings and to begin to put the entity on a path to sound, prudent and conservative financial management.

Financial Advisor to the Trustee and Receiver of Major Ponzi Scheme

In a major Ponzi scheme in Florida involving over $300 million, Marcum LLP was retained as financial advisors to the Trustee and Receiver. As consultants, Marcum LLP assisted with the identification and recovery from avoidance actions and litigation involving other parties, and also performed claims analysis for an investor base of over 2,000 claimants. As accountants, Marcum LLP maintained the books of the Estate and the Receivership and helped to resolve numerous tax related issues. The defrauded investors recovered almost 65% in this proceeding.

Implementation of Economic Damages Model to Calculate Breaches of Employment

Marcum LLP prepared a regression-analysis-based economic damage model to calculate loss of income incurred by a computer software company resulting from breaches of employment contracts and non-compete agreements by former employees..

Mortgage Warehouse Loan Advances Tracking

Our economic damage team developed a database management application to track funding, shipping, sale and repayment of mortgage warehouse loan advances and related collateral security. We further developed an expert report of damages in connection with litigation resulting from a fidelity bond company’s denial of claim relating to collateral sold out of trust.

Economic Damage Calculations for Ex-Employees Denied Compensation

Our team of professionals prepared economic damage calculations for each of several partners who left a major consulting firm and were denied payments relating to salary, profit-sharing, capital distributions, and unbilled time and uncollected receivables. We analyzed and critiqued damage calculations prepared by the opposing expert relative to lost profits alleged to have been incurred by the consulting firm.

Receivership for High Profile Medicare Fraud Conviction

Receivership for forfeited assets from a high profile medicare fraud conviction in South Florida. Liquidated over $44 million worth of assets. Within a year, the $44 million included:

  • $16 million business as a going concern (approx). Post receivership, this business continued operating in an effort to keep the employees employed, avoid creditors losing money, and to get as much value from the business towards the forfeiture amount. The forensic team helped run the business to keep it afloat until the sale of the assets.
  • $21 million commercial building in Miami with tenants
  • $5.5 million in 3 warehouses/ commercial property in Miami
  • $3 million in personal property including a plane, cars and a yacht Close to $400,000 residential property in Savannah, GA
  • $5.1 million residential property in the Florida Keys is under contract and ready for closing. $800,000 commercial property is under contract in Georgia
The firm was commended by the Federal Judge for liquidating the highest amount of assets of this type of forfeiture for medicare fraud ever in the United States.

Appointment in Bankruptcy Court as Plan Administrator of a Consensual Plan of Reorganization

Appointment in bankruptcy court as plan administrator of a consensual plan of reorganization. Responsibilities included completing construction of a $100 million-plus interrupted condominium project and completing and closing project sales, while maximizing the value of the project for interested creditors.

Review of Operations and Financial Structure of Major Florida Condominium Developer

Directed a team of real estate, audit, finance, tax and technology professionals to critically review the operations and financial structure of a major Florida condominium developer. Marcum LLP’s recommendations resulted in the developer streamlining its accounting procedures, updating information systems, improving investor communications, creating a more tax-efficient structure and establishing human resource and loan compliance departments.

Advisory on Increasing Franchise Value of South Florida General Contractor

Provided consulting services to a South Florida general contractor on increasing the operational efficiency to his accounting and contact management systems and policies and procedures to better position his company for increased growth, all in the interest of increasing franchise value to position the company for sale in three to five years.

Expert Witness & Testimony Services for South Florida Condominium Developer

Engaged by a South Florida developer of a $4 million high-end residential condominium project to provide expert witness consulting and testimony to delineate and quantity cost overruns and defective work as an offset to the general contractor’s claim for contract and delay damages. Marcum LLP’s work formed the basis for the client’s claim that the general contractor owed over $4.7 million (including liquidated damages of $1.7 million).

Advisory on Liquidation Value of Major Shopping/Office Complex

Representing the beneficiaries of a Washington, D.C. based charitable trust, provided an expert report regarding the likely liquidation value of a major shopping/office complex located on Florida’s west coast. The engagement was extended to include “shadow oversight” of the trustee during his effort to market and sell the property.

IRS Criminal Investigation Case Review of Understatement in Taxes

Representing the beneficiaries of a Washington, D.C. based charitable trust, provided an expert report regarding the likely liquidation value of a major shopping/office complex located on Florida’s west coast. The engagement was extended to include “shadow oversight” of the trustee during his effort to market and sell the property.

Critique Damage Theory from Breach and Termination of Exclusive Distribution Agreement

A manufacturer of a specialty product was found to be liable to a distributor for the breach and termination of an exclusive distribution agreement. Marcum LLP was engaged by the manufacturer’s counsel to review the opposing expert’s report and critique the damage theory and methodology used to calculate damages. Numerous flaws, inconsistencies and errors in the opposing expert’s report were found, which were communicated to counsel who then used such information to effectively impugn the opposing expert’s damage calculations during cross-examination. In addition, we prepared a competent report calculating damages consistent with the findings of the arbitrators, the agreement between the parties, and existing circumstances affecting the parties’ performance under the agreement. We provided valuable testimony before an arbitration panel over a two-day period. The final award of damages to the distributor was in an amount that was less than 10% of what the opposing expert had calculated.

Expert Testimony on Behalf of FDIC for Fidelity Bond Claim

We prepared the adept report and provided expert testimony on behalf of the FDIC in connection with a fidelity bond claim seeking to recover losses incurred by a multi-million dollar New York savings bank. The testimony reflected the amount and timing of losses incurred in connection with the bank’s investments in and advances to various real estate development joint ventures. As a result, the FDIC filed a motion for summary judgment and the court granted the motion and awarded the FDIC damages equal to the policy limits under the fidelity bond.

Damage Model Developed to Review Cost Overruns

Marcum LLP was retained by counsel for a large contractor that specializes in both interior and exterior building finishes in connection with claims asserted against a major national general contractor. The claims related to cost overruns caused by deficient preparatory leveling and surfacing work performed by the general contractor. We developed a damage model relating to the cost overruns and quantified amounts relating to additional framing, drywall finishing, scaffolding and corrective leveling.

Representative Damages Determination Engagements

Other examples of representative damages determination engagements include the following:
  • Prepared regression analysis based damage model to calculate loss of income incurred by a computer software company resulting from breaches of employment contracts and non-compete agreements by former employees.
  • Developed database management program to track funding, shipping, sale, and repayment of mortgage warehouse loan advances and related collateral security. Prepared expert report of damages in connection with litigation resulting from a fidelity bond company’s denial of claim relating to collateral sold out of trust.
  • Evaluated and quantified amounts relating to partnership liquidations, profit allocations, and partner distributions. Prepared analyses, computer model, and trial exhibits relating to distributions projected/made to partners of a limited partnership which owned commercial office property in New York City.

Financial Due Diligence

Marcum LLP performed due diligence services on behalf of a $4 billion multinational staffing company who sought to purchase a $700 million Midwest-based staffing company doing business in 20 states.

As the target company had acquired a variety of complimentary businesses, our approach included developing an understanding of several business models and assessing the efficiency of the target's integration plan. The transaction team included 18 professionals from the tax, assurance, technology, real estate and forensic accounting areas, who were able to complete their findings in less than four weeks. Marcum LLP has performed five similar assignments for this client.

Bankrupt Company Sale Administration

Marcum LLP conducted due diligence in connection with the sale of a bankrupt $20 million seafood company in Seattle, WA. Marcum LLP's analytics were used in preparing the material distributed to around 350 domestic and international seafood companies who were identified as possible purchasers of the company. Marcum LLP directed the sale of the company, pursuant to Chapter 363 of the bankruptcy code, in less than six months.

International Transaction

As a member of Leading Edge Alliance, we were engaged by a Russian software manufacturer to evaluate the merits of software contracts of an Israeli company with operations in Boca Raton, FL. These contracts for products and services were in multiple languages, currencies and licenses spread over 34 countries.

Corporate Integration Support

Marcum LLP continues to support the merger and acquisition initiatives of a private equity firm, investing in such far-reaching industries as tire re-treading, manufactured housing, advertising, security, and PEO/temporary staffing..

Profitability Modeling

An investment partnership engaged Marcum LLP to evaluate the holdings of a multinational oil company who sought to sell its Caribbean retail, commercial and aviation fuel businesses. Marcum LLP's work included an analysis of:
  1. The competitive market
  2. Financial performance
  3. Assessment of management capabilities
  4. Real estate holdings
  5. The cost to replace the current brand

Real Estate Finance

Marcum LLP originated and negotiated acquisition financing on behalf of a developer actively involved in the development of a mixed-use project in Key West, FL. Our presentation, including loan underwriting criteria, financial model, development timetable and market analysis, was used by the bank as the core document leading to an early loan approval.

Real Estate Development

Marcum LLP consulted for the developer of a $400 million luxury condominium and condominium hotel property located in Palm Beach, FL. Our advice extended to issues that included unit mix, unit size, pricing and project amenities. We also assisted the developer in selecting other professionals, including lawyers, feasibility analysts, engineers, general contractors and luxury hotel management companies.

Real Estate Finance

Marcum LLP originated and negotiated acquisition financing on behalf of a developer actively involved in the development of a mixed-use project in Key West, FL. Our presentation, including loan underwriting criteria, financial model, development timetable and market analysis, was used by the bank as the core document leading to an early loan approval.

Accounting Forensics and Business Valuation

We conducted forensic investigations and related valuations of a general contracting company whose primary business was the development of Section 8 housing projects. The analysis required the valuation of projects under development as well as completed projects held in the company's investment portfolio. The valuation models we developed contributed significantly to facilitating settlement of this matter prior to trial.

Damage Determination

We prepared a regression-analysis-based economic damage model to calculate loss of income incurred by a computer software company resulting from breaches of employment contracts and non-compete agreements by former employees.

Damage Determination

We developed a database management application to track funding, shipping, sale and repayment of mortgage warehouse loan advances and related collateral security. We further developed an expert report of damages in connection with litigation resulting from a fidelity bond company's denial of claim relating to collateral sold out of trust.

Damage Determination

We prepared economic damage calculations for each of several partners who left a major consulting firm and were denied payments relating to salary, profit-sharing, capital distributions, and unbilled time and uncollected receivables. We analyzed and critiqued damage calculations prepared by the opposing expert relative to lost profits alleged to have been incurred by the consulting firm.

 

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