Expert Testimony/Litigation Support

Bond & Pecaro gives expert testimony before Federal, state, and local courts, in arbitration hearings, and in FCC comparative hearings regarding financial and economic issues.

Bond & Pecaro also provides its clients with sophisticated litigation support services in connection with media, telecommunications, and Internet litigation.

With continuous changes in industry regulations, Bond & Pecaro offers clients hundreds of hours of testimonial experience.

Valuations—Asset Appraisals/Fair Market Valuations

Bond & Pecaro has amassed a wealth of experience providing valuation services for a wide range of media, communications, and Internet oriented businesses.

The firm's clients range from local television and radio stations, to national broadcasting networks and telecommunication companies, to international media and Internet corporations.

Whether the firm's clients require fair market or stock valuations, asset appraisals or general consulting services, Bond & Pecaro has the flexibility to address each client's unique requirements.

With an unsurpassed reputation for objectivity and confidentiality, Bond & Pecaro is in a unique position to provide you with in-depth analyses.

Business Plans

Bond & Pecaro develops business plans, which are economic analyses and forecasts for start-up ventures. These studies include estimates of capital expenditures, revenue and income forecasts, competitive market analyses, investment recovery periods, and rates of return.

Analyses of this type can also be employed for the acquisition of an existing business that is in a turn-around situation or which otherwise requires substantial capital infusion. Business plans also analyze the economics of new services or technologies.

Whether seeking venture capital, bank financing, or expanding a business, an effective business plan is required to achieve positive results.

Property Tax Consultation

By inspecting and documenting the amount, nature, and condition of taxable property of a media or communications business, Bond & Pecaro is able to present pertinent evidence and render expert opinions in assessment appeals hearings and property tax litigation.

Among common issues are the amount of taxable property owned by a taxpayer and the fair market value of that property. The taxation of intangible assets has also become an issue in certain jurisdictions.

Bond & Pecaro is very active in the area of property taxation.

Market Research

Bond & Pecaro conducts sophisticated market research to acquire detailed information regarding market size, demand, revenues, potential growth, and demographics.

Bond & Pecaro's extensive financial and economic experience in the communications and media industries has provided the foundation for a variety of market research consulting services that are particularly valuable due to rapid technical, regulatory and legislative changes.

The firm has been retained for many specialized research projects that require communications industry expertise, such as economic trend analyses, rate analyses, and market demand forecasts.

Feasibility Studies

Bond & Pecaro prepares feasibility studies in connection with the development of new businesses or in the proposed expansion of an existing business.

Feasibility studies assess the potential of a venture to succeed and consider the key development issues to be addressed.

Bond & Pecaro's studies provide potential investors with sensitivity analyses of key variables that can affect the potential rates of return or viability of an investment.

Bond & Pecaro has analyzed developing businesses in industries such as cable television, personal communications services, cellular telephone, publishing, wireless cable, and Internet ventures, among others.

Strategic Consulting

As the communications, media, and Internet industries evolve, Bond & Pecaro remains on the cutting edge of technical, economic, and legal developments.

With the enormous potential of new technologies and business models, the firm is leading the way in finding innovative answers to new and ever more complex questions.

Bond & Pecaro has been engaged for many specialized operational and strategic consulting services.

>Financial and Economic Analysis

Professionals responsible for the financial performance of media, communications, and technology companies must have an informed basis upon which to make decisions.

Bond & Pecaro's familiarity with the current marketplace for communications, media, and Internet properties—combined with an extensive library of market demographic, financial, and media audience data—puts the firm in a unique position to provide in-depth strategic economic and financial analyses for its clients.

Employee Stock Options/ESOP Valuations

The analysis of stock options and stock appreciation rights ("SAPs") for employee ownership and incentive programs has become increasingly important to media and technology companies.

The valuation of stock or partnership interests is essential in connection with employee stock plans, stock options, fairness opinions, gift or estate tax planning, and other financial purposes.

Stock valuations, by their nature, require special sensitivity to applicable rights and restrictions, particularly in situations involving minority or partial interests and classes of stock with different privileges.

By carefully articulating competitive and market characteristics affecting economic value, Bond & Pecaro's stock valuation reports provide clients with essential planning and decision-making tools.

FASB 142 Analysis

FASB Statement 142 requires companies to test for the impairment of goodwill and indefinite life intangible assets on at least an annual basis. The assessment of impairment is based upon an analysis of the current Fair Value of an asset versus its Carrying Value (net book value). If the Fair Value exceeds the Carrying Value, no impairment must be recognized. For Goodwill, the analysis is based upon a two-step process. First, the current Fair Value of a reporting unit is compared to its Carrying Value. If there appears to be impairment at a reporting unit, FASB 142 requires that a second step be taken to assess the new value of Goodwill. If the second step is required, the Fair Value of all tangible and intangible assets of the reporting unit other than Goodwill would need to be separately valued and compared to the Fair Value of the reporting unit to arrive at the new implied value of Goodwill.

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