Rick S. Nathan

Rick S. Nathan, ASA

Rick Nathan, managing director of Trenwith Valuation LLC, speaking with CFO.com before the SEC and FASB issued new guidance, said he thinks banks were "overly conservative" in their valuations, relying too heavily on market prices in a market that essentially didn't exist."As a consequence, they are really hurting investors, and, by extension, taxpayers."

While FAS 157 "is not completely infant in use, it's still not very well understood in terms of balancing the various choices one has," says Nathan — a view apparently confirmed by FASB's new guidance.And banks aren't the only ones taking the wrong approach."You have auditors who are trying to determine fair value on a fairly current basis," Nathan says.

The standard lays out a so-called measurement "hierarchy" that provides ways to value securities depending on how liquid they are.Regularly traded securities (Level 1) are valued on their selling price, whereas securities that are thinly traded (Level 2) or in illiquid markets (Level 3) have a different set of inputs."These mortgage-backed securities are Level 3-based securities, and one is not forced to rely on the last price or on recent transactions," Nathan explains.
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No one said it's easy From the article ... Nathan also opposes those who argue for suspending fair value.
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From the article ... Nathan also opposes those who argue for suspending fair value."I think that's a cop out," he … more

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Rick Nathan, managing director of Trenwith Valuation LLC, speaking with CFO.com before the SEC and FASB issued new guidance, said he thinks banks were "overly conservative" in their valuations, relying too heavily on market prices in a market that essentially didn't exist."As a consequence, they are really hurting investors, and, by extension, taxpayers."

While FAS 157 "is not completely infant in use, it's still not very well understood in terms of balancing the various choices one has," says Nathan — a view apparently confirmed by FASB's new guidance.And banks aren't the only ones taking the wrong approach."You have auditors who are trying to determine fair value on a fairly current basis," Nathan says.

The standard lays out a so-called measurement "hierarchy" that provides ways to value securities depending on how liquid they are.Regularly traded securities (Level 1) are valued on their selling price, whereas securities that are thinly traded (Level 2) or in illiquid markets (Level 3) have a different set of inputs."These mortgage-backed securities are Level 3-based securities, and one is not forced to rely on the last price or on recent transactions," Nathan explains.

Join Rick Nathan, Senior Managing Director at Trenwith Valuation, LLC as he discusses a more clarified perspective on the drivers of IP value.

In 90 minutes, he will discuss:
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Rick S. Nathan Trenwith Valuation, LLC

Rick S. Nathan has roughly 25 years of combined industry and financial advisory services experience including the development and provision of financial valuation and transaction consulting services.He is Senior Managing Director of Trenwith Valuation, LLC and in his current position, provides thought leadership encompassing the valuation of business interests, capital stock, and intangible assets in connection with business combination decision support, statutory tax compliance, international transfer pricing, asset exploitation, business plan development, capital sourcing, and strategic partnering.Rick is frequently retained in connection with dispute analysis and expert testimony services, Federal tax statutes and regulations, SEC fair value compliance, as well as strategic corporate development initiatives.Rick holds an M.B.A. in Finance, with Honors, from The University of Chicago, a Master of Science in Electrical Engineering from The University of Texas at Austin (Eta Kappa Nu- National Electrical Engineering Honorarium), and a Bachelor of Science in Biomedical Engineering from Tulane University.Rick is a Chartered Financial Analyst (CFA) as designated by the CFA Institute, and an Accredited Senior Appraiser (ASA) in Business Valuation as designated by the American Society of Appraisers.

Konstantinos Armiros (Arnstein & Lehr LLP), David Bart (RSM McGladerey Inc), Michael Colella (Plante & Moran PLLC), John Collen (Duane Morris LLP), Paul Fouts (Fouts & Co), Keith Francis (BBK), Kevin Krakora (Mesirow Financial Consulting), Barry Lefkowitz (Virchow Krause & Co), Colleen Lowmiller (FTI Consulting), Ken Malek (Grant Thornton LLP), Jim Mesterharm (AlixPartners LLC), Rick Nathan (Trenwith Group LLC), Michael Pakter (Gould & Pakter Associates LLC), Bernard Pump (Deloitte Financial Advisory Services), Edward Quinn (Deloitte Financial Advisory Services), Nancy Ross (High Ridge Partners), Nathan Schultz (Stutman Treister & Glatt), Kelly Struck (Huron Consulting), Nick Tally (Wells Fargo), Brian Whittman (Alvarez & Marsal), Dan Wikel (Huron Consulting), Eric Winston (Stutman Treister & Glatt) and Daniel Zazove (Perkins Coie).

Speakers: Rick Nathan (Trenwith Group, LLC), Allen Arnett (Huron Consulting Group), Neil Hirshman (Kirkland & Ellis LLP)

Rick S. Nathan

Rick S. Nathan

Rick S. NathanSenior Strategist - Digital Business StrategyCambridge Technology Partnersrick.nathan@ctp.com
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Rick assists both mature global firms and newly emerging entities in developing corporate strategies, which leverage new economy fundamentals.Rick has presented and authored industry-relevant content at numerous forums, including; the American Bar Association, American Conference Institute, IBC Seminars, Euromoney Publications, and multiple high technology M&A and venture finance conferences.Additionally, Rick has appeared as a designated expert in intellectual property valuation at the United States Securities and Exchange Commission and in U.S. District Court.

Before joining Cambridge, Rick was a Director in PricewaterhouseCoopers Corporate Value Consulting practice, having leadership responsibility for the development and provision of strategy and financial consulting services within technology intensive industries.In that role, Rick, provided technical thought leadership encompassing the management and exploitation of intellectual assets, and directed consulting services related to organizational strategy, business plan development, capital sourcing, strategic partnering, technology transfer, licensing, and joint venture disposition Prior to PwC, Rick was a Senior Manager in KPMG's Corporate Transactions Services Practice, was Director of Corporate Planning and Development for a division of Siemens Medical Systems, and held positions within IBM and Hughes Aircraft Company encompassing electro-optic research and development, computer systems engineering, and complex solutions oriented marketing.Rick holds an MBA in Finance and Behavioral Science, with Honors, from the University of Chicago, an MSE in Electrical Engineering from the University of Texas at Austin, and a BSE in Biomedical Engineering from Tulane University.Additionally, Rick is a member of Eta Kappa Nu, the national electrical engineering honor society.Rick is an Accredited Senior Appraiser in Business Valuation with the American Society of Appraisers, and is a Chartered Financial Analyst as designated by the Association for Investment Management and Research.