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ROUNDTABLE NEWS - SER is proud to present "Best of the Best Practice Management & Business Development Ideas" on March 7th at 1:00pm ET. Moderated by Practice Management Chair Bob Lawson, the panel includes Committee members Patrick Dennis, Mason Dinehart, Jack Herrmann and Keith Loveland. Learn how these experienced experts have started, built, and are operating thriving securities expert witness practices in 2023. Members can register here for this member-only webcast. Potential members can inquire about a one time attendance exception to experience some of the best benefits of SER membership. Contact Patricia Koetting at controller@securitiesexpert.org.

MEMBER NEWS - The Securities Experts Roundtable is sad to report that one of our founding members, Edward B. Horwitz, passed away in late January.  Eddie, as he was commonly known to the arbitration community, was truly a pioneer among experts who routinely consulted and testified in securities and commodities arbitrations and trials. Eddie was adept at identifying the key issues in his cases.  He had special expertise in matters involving derivatives.  More importantly, he was able to accomplish what few in our business have done – the ability to work both sides.  Eddie was routinely retained by claimants, respondents, plaintiffs, and defendants.  He seamlessly switched back and forth throughout his testifying career. Steve Young, now senior partner at Keesal, Young & Logan in Long Beach, described Eddie as “a master of communications. He could take complex situations and explain them to people on a jury. He was also a very likable guy.”  Eddie took great pleasure in mentoring those who were new to the craft – including many of us in the Roundtable who had the privilege of knowing and working with him.

In lieu of flowers, a donation can be made to your favorite charity in memory of Edward B. Horwitz. Acknowledgments can be mailed to: Beverly Horwitz, 1200 University St., #1105, Seattle, WA 98101-4244.

(Thanks to Ross Tulman for the kind words.)

ROUNDTABLE NEWS - Members are invited to register for "Winter Catch-Up 2023", SER's first virtual networking event, schedule for Tuesday February 7 at 11:00AM (eastern). Members will meet one on one for three minute sessions to get a chance to introduce themselves and learn about their colleagues. REGISTER HERE TO PARTICIPATE. (You must be a member to register. To inquire about membership, click here.) 

MEMBER HIGHLIGHT - Member James A. Kyprios recently submitted his newly finished article titled "Effects of Inflation on the Capital Markets" to the SER Library. With a recap of the causes of inflation and past and current remedies, the author discusses the potential repercussions these events could have on the financial markets. In particular, the article addresses the effect of the higher interest rates on the "explosion of debt fueled by the long-term decrease in interest rates" over the past 40 years. The concern is these inflation taming policies could also lead to more litigation due to "higher defaults, more bankruptcies and decreasing profitability." Mr. Kyprios is an expert in corporate lending and corporate finance. He co-authored the article with Craig Wolson with input by member William H. Purcell. The article can be access here, and is also in SER Library under the Articles & Podcast section.

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MEMBER HIGHLIGHT - SER member David Hinman has authored an article on the June Russian Default for SER members titled "The Russian Default: Considerations, Issues and Questions." The paper discusses the background of Russia's June 27th "technical default" on two English Law Bonds,  their debt and payment history and current investor perceptions. He elaborates on his expectation of a atypical workout and recovery process, and potential implications for Russian Credit Default Swaps (CDS). Mr. Hinman has worked on numerous corporate and sovereign defaults and restructurings during his asset management career. He presently consults with debtors and investors on bond restructuring and trading matters. He is also an expert witness on security litigation matters in the areas of bond and CDS management and trading practices; offering document representations and risk disclosures; and investor materiality and reliance considerations. The article will be housed in SER's Library and can also be accessed here. 

ROUNDTABLE NEWS - SER members voted by proxy or in person at the 2022 Annual Member Meeting & Conference, unanimously electing the slate of nominees put forth by the Nominating Committee. Peter Bulger and Robert Graham are continuing on the Board, serving their second consecutive terms as Directors. Robert Lawson is returning to the Board for another term after a one year mandatory break. Patrick Dennis and Charles Ranson are serving their first terms as Directors. Members also elected Mr. Graham as the  new President-Elect. The Board has appointed Mr. Ranson as the new Treasurer. Please join us in congratulating these members for serving SER in these positions. (Directors are elected for three year terms and can serve for six consecutive years if re-elected. Directors serve on a volunteer basis and at their expense when travel is required.)

MEMBER HIGHLIGHT - SER honored three Directors retiring from the Board, Elizabeth Falk of Falk Financial Analysis, Jack Herrmann of Herrmann Dispute Resolution, and David Keogh of DJK Consulting. All three Directors have served multiple years in various positions. Ms. Falk has served a total of seven years and is the former President from 2020-2021. She led SER through the midst of the pandemic and was instrumental in spearheading the development of the webcast program. Other roles included Membership Chair, Webcast Chair, Treasurer/Fin Com Chair as well as serving on various committees. Mr. Herrmann has served three terms for a total of nine years. He is the former Treasurer and Fin Com Chair and served several years as Membership Chair, as well as a member of the Nominating and Mentorship committees. Mr. Keogh has served nine consecutive years, being elected President-Elect at the end of his second term. He is the former President from 2019-2020, guiding SER through the initial stages of the Covid crisis. He has served as Conference Chair and Nominating Chair, as well as on the Membership and Finance committees. SER is grateful for the enthusiasm and dedication of these three directors!

`UPDATE JULY 20, 2022: CLICK HERE FOR A CONFERENCE RECAP by PRESIDENT ALAN BESNOFF!`

MEMBER HIGHLIGHT - SER member James A. Kyprios has written a second article for our member Library titled, "GAAP vs. Non-GAAP and the Abuse of EBITDA—A Confusing Issue". The paper discusses the history behind "the mistrust of GAAP impelling the use of non-GAAP measures", specifically EBITDA, and the current implications. The author concludes "that the accounting profession can no longer ignore non-GAAP measures" and "needs to opine on whether the calculation of adjusted EBITDA is in accordance with agreed-to methodologies and whether or not adjusted EBITDA is materially misleading." James thanks his friends Bill Purcell (an Investment Banking expert and an SER member) and Joe Loffredo (Deputy General Manager and Chief Financial Officer at China Merchants Bank’s branch in New York City) for their important suggestions helping him write this article. The article is linked here and can also be found in SER's LIbrary for members.

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