Allen Pfeiffer

Based in New York and New Jersey, Allen has more than 30 years of experience advising both foreign and domestic buyers, sellers, joint venture partners, hedge funds, private equity funds, plaintiffs and defendants in mergers and acquisitions/corporate finance situations with regard to business valuation, damages, RMBS repurchase claims, strategic planning, raising financing, spin-offs, transaction support, bankruptcy, litigation, tax, financial reporting, solvency, valuing derivatives, fairness opinions, IP holding companies, restructurings and capital structure analysis.

He has led hundreds of engagements related to the valuation of an entire business, a security, an interest in a business or an asset. In addition to his testifying experience, he has worked often as a lead consultant to attorneys in the context of retrospective solvency and many other valuation and corporate finance matters. Allen also led the team as the financial advisors to the Bankruptcy Examiner for Lehman Brothers (Anton Valukas).

Allen is an adjunct professor of finance at the Sy Syms School of Business. Allen was consistently ranked in The Deal Pipeline Bankruptcy League Table U.S. Top Investment Bankers (by volume) each quarter from 2007 through 2014. Additionally, he has been accepted by the New York Supreme Court, the United States Bankruptcy Court, the American Arbitration Association and arbitrators operating under the rules of the International Chamber of Commerce as a valuation and cash flow expert.

Allen was a Managing Director with Standard & Poor's Corporate Value Consulting at the time of its merger with Duff & Phelps and was a member of the CVC practice of PricewaterhouseCoopers LLP at the time of its sale to Standard & Poor's. Prior to joining Coopers & Lybrand, Allen worked for an affiliate of Alex Brown and was an actuarial analyst at Kwasha Lipton, a benefit consulting firm.

Allen earned his M.B.A. in Finance, with distinct honors, at Columbia Business School and his B.A. in Economics and Mathematics, cum laude, at Yeshiva University. Allen also successfully completed four professional exams within his tenure as an actuary: multivariable calculus, probability theory, mathematical statistics and numerical equations. 

Selected Experience – Bankruptcy Litigation

• Performed retrospective solvency analyses of a digital‑assets lending company for 2022, evaluating distributions to its parent company; 
• Retained to provide financial advice and forensic investigations in an international fraud case in bankruptcy court.
• Retained by defendant in a fraudulent conveyance case resulting from a billion-dollar spinoff. 
• Testified in deposition as an expert witness on the reasonableness of a business case and budget for a large retailer in a bankruptcy/contract dispute;
• Advised the U.S. government related to the viability of a proposed reorganization plan;
• Led analysis of solvency for a large fraudulent conveyance lawsuit filed against an international consumer products company; produced expert report and rebuttal report, assisted attorneys in preparation for depositions, drafting of certain motions, development of case strategy, preparation for and participation in trial and post-trial submissions;
• Led analysis of solvency for a preference lawsuit related to a multi-billion dollar pharmaceutical distribution company; produced expert report and rebuttal report, assisted attorneys in preparation for depositions, drafting of certain motions, development of case strategy and preparation for trial;
• Advised on a retrospective solvency analysis for a large retailer in a preference action;
• Led the retrospective solvency analysis of a supermarket business at various dates for a private equity fund and assisted counsel and insurance companies in effectuating a successful mediation;
• Testified as expert witness and financial advisor for RMBS Trustees at ResCap confirmation hearing;
• Testified as an expert witness related to the reasonableness of an FGIC settlement offer in the context of ResCap bankruptcy proceedings;
• Retained by Trustees in multi-billion dollar repurchase/put back claim in a major bankruptcy matter;
• Lead consultant to bank trustee related to multi-billion repurchase/ put-back claim associated with a bank merger;
• Lead financial advisor to the Bankruptcy Examiner for Lehman Brothers (Anton Valukas). Advised the attorneys relating to broad-reaching issues such as: valuation, solvency analysis, avoidance actions, dealings with secured lenders and the Barclays transaction. This led to a 2,200 page report released by the Examiner;
• Led analysis of solvency for a fraudulent conveyance lawsuit filed against a leading company related to a former multi-billion dollar real estate subsidiary company claiming damages in excess of $1 billion;
• Retained by a leading hedge fund in a dispute with a leading international financial services company;
• Financial Advisor to the Administrator of a UK entity including an independent third-party evaluation of historical valuation methodologies for a portfolio of 5,000+ assets as well as independent historical valuations on highly illiquid assets. Led full recovery and distribution to represented creditors in one of the largest bankruptcy filings in US history;
• Testified as an expert witness in Philadelphia Bankruptcy Court (Oct. 2003) on behalf of secured lenders regarding the solvency of a manufacturer of technology;
• Analyzed the solvency and ability to compete of a large grocery retailer post pending dividend payment in light of the expectation of a recession.
• Testified in deposition as an expert witness in defense of an investment bank related to alleged damages in association with advice regarding the timing of a restructuring/bankruptcy of a mobile home manufacturer;
• Testified in arbitration on behalf of a tractor company in a dispute regarding the value of recovered assets in bankruptcy;
• Testified in deposition as an expert witness on behalf of a large cable company (MSO) against its joint venture partner with regard to cable systems in Puerto Rico;
• Led analysis of solvency at various transaction dates for a multi-billion dollar commercial real estate finance company in bankruptcy;
• Led analysis of solvency for a fraudulent conveyance lawsuit filed against a leading global company by a former subsidiary claiming damages in excess of $2 billion;
• Advised counsel for a multi-national bank in defense of their investment banking work performed for a multi-billion dollar planned joint venture;
• Advised counsel and several hedge funds on the valuation of the derivative features attached to convertible bonds for purposes of arriving at OID (original issues discount) in bankruptcy litigation;
• Led analysis with respect to solvency and valuation issues related to the merger and refinancing of a corporate finance advisory firm;
• Advised on the valuation of a hedge fund relative to the reasonableness of a major transaction prior to the filing for bankruptcy.

Selected Experience – Complex Litigation

• Retained as expert in a British Virgin Island dispute between company and shareholders pertaining to the fair price for a public company transaction.
• Provided expert testimony in an arbitration on the valuation of the commercial real estate fund manager that focused on office real estate holdings after the industry experienced post COVID related work from home phenomena; 
• Led a team that evaluated the contemporaneous commercial real estate appraisals that were used by the company to raise debt capital that had filed for bankruptcy; 
• Led a team of consultants advising a grocery retailer through several temporary restraining orders and preliminary injunctions regarding the payment of a pre-merger dividend where various states argued that the grocer would be left with too little capital to compete while the merger was under regulatory review;
• Advised a large pharmaceutical company that wanted to separate its generic and branded business where the generic business had legacy opioid liabilities;
• Led a team of consultants with respect to the impact of the COVID pandemic on cash flows of residential mortgage backed securities for mortgage services;
• Leading a team of consultants advising many top retailers on multi-billion dollar damages claim;
• Lead consultant in a litigation matter for a consumer products company related to a breach of contract associated with a major transaction;
• Testified in deposition on behalf of plaintiff in a commercial dispute relating to lost profits pertaining to a failed transaction in retail industry;
• Advised counsel on the appropriate care, transaction price and valuation methodologies in defense of a lead advisor investment bank in the technology and consumer product industry; produced expert report and rebuttal report and assisted attorneys in depositions;
• Advised counsel with respect to solvency and litigation issues in a large planned spin-off of a subsidiary in the consumer products industry;
• Led the analysis of the value of divisions of a large consumer products company in defense of an IRS probe related to a tax-free spin-off;
• Advising counsel for RMBS trustees in a damages litigation brought by investors;
• Testified in arbitration for a hedge fund related to the capital adequacy of the fund, reasonableness of projections and economic uncertainty in the financial crisis;
• Retained by leading international investment bank related to valuation and damages associated with a failed joint-venture to the telecom industry;
• Retained to provide the analysis of damages sustained by a new private equity advisory firm that was spun out of a leading international bank;
• Testified in trial with respect to the value of the founder’s ownership interest in a technology company in conjunction with a matrimonial action;
• Testified as an expert witness in arbitration, International Chamber of Commerce (Sept. 2002) regarding the valuation of a minority interest in a European Internet service provider; also quantified damages;
• Testified as an expert witness in New York Supreme Court (Nov. 2002) regarding the value of the unregistered shares of a public Internet company; both sides in case unanimously accepted the testimony;
• Testified as an expert witness in arbitration (AAA) related to fair and reasonable terms and fair market value associated with a long-term agreement between a cable company and a content provider (Feb. 2004);
• Testified as an expert witness in deposition and at a hearing.  Produced an expert report on diminution of enterprise value, damages and lost profits to a cruise business due to the outbreak of disease caused by a vendor; 
• Testified as a fact witness in deposition and advised counsel on behalf of private equity firm and a multi-billion dollar chemical company relating to an acquisition. Assessed the pro forma financial outlook and solvency of the combined entity;
• Advised a law firm in defense of a damages claim of lost income by a private equity firm from an alleged reduction of capital commitments from investors;
• Advised counsel related to the valuation of a multi-billion dollar leasing company;
• Advised counsel related to the value of the common equity of a technology company for a Delaware shareholder action;
• Advised counsel on the appropriate financing terms for a telecommunications transaction in preparation for a potential litigation;
• Led the analysis of damages sustained by a leading communications company in connection with a malpractice claim related to a multi-billion dollar transaction;
• Led the assessment of damages for an early-stage cable television company; 
• Advised counsel on the relative value of two contracts and related clauses in the cable and entertainment industry.
• Advised majority shareholder group related to disputed terms of the purchase of controlling voting shares in a large Canadian company with dual-class ownership structure;
• Advised governmental agency relating to insider trading probe;
• Advised counsel relative to damages associated with a hedge fund (fund of funds);
• Advised counsel in preparation of a preliminary injunction hearing regarding the financial position of a regional airline company post-termination of a contract with a national airline;
• Advised counsel with respect to theories related to damages on a high-profile insurance matter;
• Led the analysis of value provided by executives in managing large company-invested hedge funds;
• Led the analysis of a multitude of derivative transactions for a litigation;
• Led the analysis of a merger between two market-leading companies and provided a retrospective fairness opinion; conversion ratio.  
• Led the analysis of whether a material adverse change clause applied to the circumstances associated with the decline in 2000 venture capital funding levels;
• Advised a utilities company on the issuance of new securities – debt vs. equity considerations for cost of capital purposes in arbitration;
• Led analysis of a shareholder oppression lawsuit filed in New Jersey regarding the valuation of a privately held trucking company;
• Assisted attorneys in the valuation of a manufacturing company in a purchase price dispute;
• Advised plaintiff on the value of complex options and warrants for purposes of assessing damages in litigation

Transaction Advisory

• Led a due diligence team to advise on the solvency of a borrower in the structuring of a line of credit for a lender; 
• Advised the board of directors with respect to valuation and liquidity in negotiating with lender groups. 
• Advised an international private equity fund on the value of a major real estate subsidiary to be spun-off and the value of options held.
• Financial Advisor and fairness opinion for a going private transaction in China.
• Financial Advisor and fairness opinion for a large Mexican bank merger.
• Advised by large telecommunications company to value certain tangible and intangible assets related to an acquisition of a controlling stake in a company;
• Advised the board of a publicly traded company regarding company and broad economic trends in the mobile telecommunications industry;
• Advised an investment firm with respect to the price paid for an ownership interest in a telecommunications company, associated warrants and other deal terms;
• Advised on many buy-side valuation issues as part of due diligence efforts for a major telecommunications company;
• Advised the board of a public company related to the fairness of a reverse merger transaction;
• Advised government ministers in their consideration of the privatization of a telecommunications company, a bank and an airline;
• Advised and presented to the board of directors and senior management of a leading technology company on the value of its total intellectual property portfolio for the application of the Delaware Law capital surplus test;
• Advised special committee of the board and largest minority shareholder with respect to the value of intellectual property of a technology company that received a buyout offer determined to be inadequate by the special committee;
• Advised a technology company in its negotiations with several international top-tier companies and several venture capital firms;
• Advised a technology company on valuation of the various levels of preferred stock prior to its successful initial public offering;
• Advised a technology company on the benefits of spin-off vs. divestiture;
• Advised on terms of transaction and negotiated on behalf of a technology company;
• Advised on valuation of subsidiary of a technology company for issuance of executive warrants;
• Advised on transactions and valuation matters related to more than ten major Israeli companies;
• Advised shareholder and founder on the value of his company for purposes of put option rights;
• Advised a large private equity fund with respect to the value of their illiquid investments for a corporate reorganization;
• Advised a large equity hedge fund with respect to the value of a partnership interest;
• Advised hedge fund executives on the discount associated with shares contributed to a GRAT;
• Advised the board of directors of a leading international company with respect to potential responses to a potential hostile takeover bid;
• Advised a private equity firm on the value of the intellectual property of a large electronics equipment manufacturer for purposes of refinancing;
• Advised a large hedge fund with respect to due diligence and the value of loan collateral;
• Advised on the issuance of a solvency opinion for “RemainCo” relative to two of the largest spin offs in history;
• Assisted in the issuance of transaction opinions for several large transactions;
• Advised an international entertainment conglomerate with respect to pre-deal due diligence and valuation analysis;
• Provided independent valuation assessment of investments to board of directors of a major investment fund;
• Sell-side advisory work for a major international IT services company;
• Advised in the successful resolution of a joint venture in a buy/sell option discrepancy;
• For several companies, advised on the value of common shares for issuance of new warrants to management;
• Advised on the restructuring of five distinct businesses owned in a holding company;
• Advised on numerous fairness opinions as a member of review committees in Duff & Phelps and Standard & Poor’s Corporate Value Consulting.

Strategic Planning

• Advised a telecommunications company relative to financial planning and funding for the launching of a CLEC business;
• Advised a private equity fund focused on technology and telecommunications with respect to the components of several transactions and assessing the value of its common stock;
• Advised on new e-commerce business opportunities and capital investments within large multi-national corporations;
• Advised a subsidiary of an international entertainment conglomerate with respect to the value of its contingent liabilities;
• Developed business case, strategy and valuations for many late stage start-ups;
• Corporate Finance liaison with the PwC Israel office;
• Valuation and advisory work associated with a dramatic operational turnaround of a multi-billion dollar company on behalf of an LBO fund over three years;
• Utilized real option valuation metrics to solve complex and uncertain value propositions;
• Advised on the strategic modeling and valuation regarding the combination of major professional sports teams in a joint venture.

Selected Experience – Valuation for Tax Restructuring and Reporting

• Valued dozens of subsidiaries worldwide in connection with the spin-off of major technology businesses for determining tax gain/loss;
• Led numerous tax restructuring engagements for a multi-billion dollar telecommunications company;
• Analyzing broker quote information in determining whether loans, after modifications, are considered publicly traded under the tax rules;
• Advised the owners of a sports team related to the allocation of purchase price to the sports arena for tax purposes;
• Valuation of the subsidiaries and assets of a chemical company as part of the consideration of the tax structure of a large contemplated transaction;
• Valuation of worldwide subsidiaries of a biotech company for the planning of intellectual property holding company restructuring;
• Determined the value of restricted stock discount and/or lack of marketability discount for dozens of companies;
• Valued several businesses for estate tax purposes.

Selected Experience – Valuation for Financial Reporting

• Valuation of the common equity and an embedded derivative for a privately held, telecommunications software company; 
• Valued the Series C Preferred Stock of an independent marketer of natural gas and electricity; 
• Led dozens of engagements related to purchase price allocations and intangible asset impairments - SFAS 141/SFAS 142, SFAS 121, SFAS 133 and APB 16;
• Participated on PwC task force committee to communicate with the SEC on the valuation of In-Process Research and Development;
• Drafted numerous SEC response letters for several major companies on valuation issues, in all cases avoiding financial restatements;
• Numerous engagements related to valuation of options in connection with SFAS 123 and as components of purchase price;
• Assessed discounts for blockage, minority holdings, lack of marketability and restricted stock.

Professional Affiliations, Presentations and Articles

• Professor at Sy Syms School of Business, 2016-2026, “Advanced Valuation and Restructuring”;
• Visiting Professor at Columbia Business School – Spring 2026
• Visiting Professor at University of Virginia – Darden Business School, 2018-2025;
• President, senior executive board member and trustee at numerous charitable organizations;
• Strategic Advisory Board member ABI VALCON 2012-2025, co-chair of VALCON 2016;
• Panelist at numerous ABI VALCON conferences; 
• Panelist on Financier Worldwide’s 2016 Bankruptcy Litigation Roundtable;
• Lectured at several conferences in 2011 “Lessons Learned from Lehman Brothers Failure”;
• Visiting Lecturer at Sy Syms Executive MBA program and Yeshiva University;
• Presented as part of a 2008 TMA panel in a conference entitles “Valuation: A Minefield for the Expert and Counsel”;
• Authored 2006 Financier Worldwide article titled “Inadequate capital: examining the tests for fraudulent conveyance”;
• Led development and presented many Continuing Learning Education courses for attorneys regarding legal and financial analysis issues related to fairness opinions, valuation, expert witnesses and fraudulent conveyance;
• Led PwC’s and S&P’s internal training programs in corporate finance and valuation each year from 1997 through 2002;
• For S&P in 2004-2005, designed curriculum for national training and analysis of complex client issues along with New York University professor Dr. Aswath Damodaran;
• Presented various topics at industry, accounting and valuation seminars and conferences; participant in ALI-ABA conferences, ABI conferences and other industry conferences;

Trial and Arbitration Testimony

• In re: ATIF, INC., Debtors
  United States Bankruptcy Court, Middle District of Florida, Fort Meyers Division
  Case No. 17-01712 (FMD) 
  February 2021
  – Expert testimony on behalf of the creditor trustee regarding the solvency of ATIF, Inc. in a fraudulent transfer lawsuit.

• In re: Residential Capital, LLC, et al., Debtors
  United States Bankruptcy Court, Southern District of New York
  Case No. 12-12020 (MG) 
  November 2013
  – Expert testimony on behalf of RMBS Trustees and plan proponents at confirmation hearing.

• In re: Residential Capital, LLC, et al., Debtors
  United States Bankruptcy Court, Southern District of New York
  Case No. 12-12020 (MG) 
  August 2013
  – Expert testimony on behalf of the RMBS Trustees relating to the reasonableness of a settlement to resolved claims by several Trusts against a monoline insurer.

• Aris Multi-Strategy Fund, L.P. v. Quantek Opportunity Fund, L.P., et al
  American Arbitration Association, New York
  Case No. 13 181 02839 03
  April 2011
  – Testified in arbitration for a hedge fund related to the capital adequacy of the fund, reasonableness of projections and economic uncertainty in the financial crisis.

• Lee v. Chou
  Supreme Court of the State of New York, County of New York
  Index No. 350601/03
  October 2006
  – Testimony in a matrimonial action on behalf of the Defendant with respect to the value of Plaintiff’s ownership interest in a business that he founded.

• Suraleb, Inc. v. Production Association “Minsk Tractor Works”, Republic of Belarus.
  Arbitration Institute of the Stockholm Chamber of Commerce
  December 2005
  – Testimony in arbitration on behalf of the Respondent, Minsk Tractor Works, as an expert witness related to the value of recovered assets in bankruptcy.

• CSC Holdings, Inc. v. Yankees Entertainment and Sports Network, LLC
  American Arbitration Association, New York
  Case No. 13 181 02839 03
  February 2004
  – Testimony on behalf of the Claimant as an expert witness related to fair and reasonable terms and fair market value associated with a long-term agreement between Cablevision and YES Network.

• Official Committee of Unsecured Creditors (Exide Technologies), v. Credit Suisse First Boston
  United States Bankruptcy Court, District of Delaware
  Case No. 02-11125
  October 2003
  – Testimony on behalf of the Defendant on the solvency of Exide Technologies in a fraudulent conveyance lawsuit. 

• Commonwealth Associates, LP v. Smartserv Online, Inc.
  Supreme Court of the State of New York, Southern District
  Index No. 600869/00
  November 2002
  – Testimony on behalf of the Plaintiff of restricted shares in a publicly traded Internet company. 

• Banestyrelsen et al. v. France Telecom
  International Chamber of Commerce
  Case No. 11351
  September 2002
  – Testimony on behalf of the Plaintiff of a minority equity investment in an international Internet service provider.
  Deposition Testimony and Affidavits

• In re: Lehman Brothers Holdings Inc., et al
  United States Bankruptcy Court, Southern District of New York
  Case No. 08-13555-scc
  September 2016 (Docket 53731)
  - Submitted affidavit in support of RMBS Trustees’ response to the Plan Administrator’s motion to disallow and expunge certain of the RMBS Trustees’ submitted claims. 

• In re: Lehman Brothers Holdings Inc., et al
  United States Bankruptcy Court, Southern District of New York
  Case No. 08-13555-scc
  September 2015 (Docket 51004-2)
  - Submitted affidavit in support of RMBS Trustees status update to the Court in connection with a court mandated protocol to resolve 200,000+ individual claims.

• In re: Residential Capital, LLC, et al., Debtors
  United States Bankruptcy Court, Southern District of New York
  Case No. 12-12020 (MG) 
  August 2013
  - Expert testimony on behalf of the Trustees relating to the reasonableness of a settlement to resolved claims by several Trusts against a monoline insurer.

• NAF Holding, LLC v. Li & Fung (Trading) Ltd.
  United States District Court, Southern District of New York
  Civil Action No. 10 Civ. 05762
  April 2012
  - Deposition testimony on behalf of the Plaintiff in a commercial dispute relating to lost profits pertaining to an unconsummated disputed transaction. 

• Hexion Specialty Chemicals, Inc.; et. al. v. Huntsman Corp. 
  The Court of Chancery of the State of Delaware
  Civil Action No. 3841
  August 2008
  - Deposition testimony as a fact witness on behalf of the plaintiff assessing the pro forma financial outlook and solvency of the combined entity.

• OHC Liquidation Trust v. Credit Suisse First Boston, et al.
  United States District Court for the District of Delaware
  Case No. 07-799
  March 2008
  - Deposition testimony on behalf of the Defense as an expert witness related to alleged damages in association with advice regarding the timing of a restructuring/bankruptcy of a mobile home manufacturer.

• In re:  Adelphia Communications Corp., et al.
  United States Bankruptcy Court, Southern District of New York
  Case No. 02-41729
  March 2006
  - Deposition testimony on behalf of the Debtors as an expert witness related to the value of a cable company in conjunction with the failed buyout of a joint venture partner. 

• Celebrity Cruises, Inc., et al. v. Essef Corp., et al.
  United States District Court, Southern District of New York
  Case No. 96-Civ-3135
  July 2005
  - Deposition and hearing testimony on behalf of the Plaintiff as an expert witness on diminution of enterprise value, damages and lost profits related to disease outbreak in the cruise industry.

• In re: Footstar, Inc., et al.
  United States Bankruptcy Court, Southern District of New York
  Case No. 04-22350
  June 2005
  - Deposition testimony on behalf of Kmart Corporation, Respondent, as an expert witness related to reasonableness of income projections, in dispute against Footstar, Inc., et al. as Debtors.