- Representative Engagements
Chris Bakewell, ASA, CLP, is a managing director and the leader of the Intellectual Property Services practice for the Disputes and Investigations practice. Chris also serves as a City Leader. Chris’ client assignments have included the valuation and strategic management of businesses and intellectual property rights, the valuation of companies and intangible assets in connection with business transactions, licensing, transaction-related advice and due diligence, as well as audits and investigations. Chris has been nationally recognized as a top economic expert witness in the 2014 and 2015 edition of the IAM Patent 1000.
Chris’ experience also includes providing consulting services in connection with business disputes. Chris has deep experience in matters involving patent infringement, breach of contract, theft of trade secrets, diminution of business value, trademark and copyright infringement, injunctive relief (including analyses of irreparable harm and ongoing royalties), international trade issues (including analyses of domestic industry and bonding) as well as other matters. In addition, Chris has experience in matters involving anti-trust and unfair competition.
Chris has been qualified and testified as an expert witness in various forums, including Federal Court, State Court, Arbitration, and the International Trade Commission.
Valuation and FinanceIn the course of providing financial and valuation analyses, have focused on issues related to discounted cash flow, evaluation of market and competitive dynamics, determination of capital structure, transaction and market multiples, control premiums/minority discounts, discounts for lack of liquidity, and other transferability considerations.
Examples of client assignments and experience include:
Royalty Rate Analyses and Studies. Completed numerous in-depth royalty rate and licensing analyses to assist clients in the development of licensing programs, evaluation of terms in licensing and contract negotiations, determination of fair market value for asset transfers, as well as determination of investment value. Reviewed and analyzed the terms and conditions of thousands of license agreements, as well as numerous other contracts. Evaluated royalties under various technical standards; studied and analyzed royalty rates in FRAND and RAND licensing contexts. Evaluated “most favored licensee” and “most favored nations” (MFN) clauses. Evaluated royalty rates and other terms between multinational enterprises for tax and transfer pricing purposes.
Valuations and Other Opinion-related Services. Prepared fairness opinions; for example, in connection with a financial transaction involving medical device companies. Performed solvency analyses. Performed valuations of various businesses including minority and control blocks of closely-held businesses and marketability discounts. These valuations of businesses and assets include manufacturing, distribution, retail and services sectors. In addition, performed purchase price allocations for financial reporting purposes. Performed valuations of software and IP assets, including patents, trademarks, copyrights and trade secrets.
Market Assessments. Assisted clients in determination of new markets to be developed via licensing, evaluation of potential counterparties and structuring/negotiation of licensing arrangements, and ongoing business analysis. Assisted with the determination of the optimal structure for licensing of technology. Work has involved determination of licensing counterparties, structuring of the potential licensing arrangements, evaluation of royalty rates, evaluation of market opportunities, assessment of the economic implications of technical alternatives (e.g., design-arounds, design-outs, and non-infringing alternatives), identification and analysis of potential markets and market segments (including the analysis of injunctive relief), ongoing analysis of “IP rich” investments, surveys, advanced analytical tools (e.g., statistical and correlation analyses) as well as IP analytics and data mining.
Investigations, Royalty Audits and Audits of Contractual Rights. Conducted royalty audits and other investigations related to contract compliance, including due diligence related to business transactions and fraud.
Business Leadership and Contract Negotiation Assistance. Served as business unit financial leader for enterprises engaged in asset ownership, manufacturing, power generation, and construction. Structured, negotiated and evaluated investment opportunities and international trade issues throughout the world. Participated in the negotiation of licenses, joint venture agreements, partnership agreements, buy-sell arrangements, and other contracts.
Damages Analysis and Other Matters Related to Business DisputesBroad range of experience in business disputes in a variety of litigation settings, including state court, federal court, International Trade Commission (“ITC”), bankruptcy court, arbitration and mediation. Performed various services, analyses and other activities in connection with dispute-related negotiations, both pre- and post-litigation
Determined and testified regarding economic damages in connection with alleged patent, trademark, and copyright infringement as well as regarding other forms of intellectual property (e.g., trade secrets and know-how) and contractual rights. Assignments have been in a wide range of industries, including: semiconductors, sports media, automotive, software, medical devices, pharmaceuticals, and oilfield services. Determined economic damages related to theft of trade secrets and proprietary information, diminution of business value, and diminution of business value related to alleged wrongful acts.
Computers and Technology
Web-based Productivity Software. Determined damages in a patent infringement matter involving a suite of web-based productivity applications.
Cable Television, Cable Modems and Set Top Boxes. Determined damages in matters involving the cable television industry. Evaluated specific features, the importance of content and drivers of demand. Analyzed contracts with MSOs, suppliers and various media rights.
Fiber Optics. Determined damages in a patent infringement matter regarding fiber optic cable infrastructure.
Cloud Computing. Determined patent infringement damages in a matter involving cloud-computing related patents.
Security and Encryption. Determined patent infringement damages in various matters involving data encryption, secure delivery of video and secure online transactions.
Headphones. Determined damages under the Lanham Act involving a mark related to computer headphones and noise reduction.
Wi-Fi. Determined reasonable royalty damages in matters involving 802.11 and Bluetooth wireless standards. Analysis involved evaluation of RAND/FRAND issues.
Semiconductors. Provided consulting advice related to the negotiation of licensing involving FRAND restrictions.
Computer Hard Disk Drives. Determined patent infringement damages in matter involving patented noise-reduction technology. Testified at trial and jury adopted my damages model.
eCommerce Transaction Security. Determined patent infringement damages in matter related to HTTPS security.
Semiconductor Design. Analyzed patent infringement damages in a matter involving software for integrated circuit design and configuration.
Currency Security. Provided consulting advice regarding licensing issues for technology used by central banks to prevent counterfeiting of currency.
Mobile Phones. Opined on issues related to domestic industry requirement and bond in ITC matters involving mobile phones.
Videogame Hardware. Opined on issues related to domestic industry requirement in ITC matter involving video game controllers for exercise. Testified at trial; judge issued order consistent with my opinions, and referred to my testimony as “credible” in his written opinion. Provided non-testifying consulting services in another ITC matter involving hand-held video game controllers and interactive games.
Touch-enabled Touchpads and Touchscreen Technology. Opined on issues related to domestic industry requirement in ITC matter involving Taiwanese chip designer and large consumer electronics company.
Video Game Software. Provided valuation and licensing analyses (copyrights) of two major players in the video game industry.
Search and Online Advertising. Determined reasonable royalty damages and provided expert testimony at trial regarding a damages claim involving patented techniques for case-based and rule-based reasoning.
Data Compression Technologies for PCs and Mobile Phones. Retained to opine on issues related to irreparable harm and preliminary injunctive relief. Consistent with testimony, the court denied the plaintiff’s motion for preliminary injunctive relief.
Search and Online Advertising. Determined reasonable royalty damages regarding a damages claim for a method of determining bids for advertising in search engines.
Semiconductors. Provided consulting advice regarding licensing and damages associated with breach of a cross-license between two competitors.
E-commerce Software. Provided rebuttal testimony regarding claim for reasonable royalty damages on methods used for conducting online sales of goods. Opined regarding pre-judgment and post-judgment interest, ongoing royalties and issues relating to injunctive relief.
Data Compression and Storage. Determined reasonable royalty damages in a matter involving data compression hardware and software. Provided rebuttal testimony on damages and licensing issues.
ERP Software. Determined and testified regarding reasonable royalty damages in a matter involving patented technology related to hierarchical accesses used for pricing.
Telecommunications. Determined the value of a block of shares of a telecommunications services company a controlling, non-marketable basis.
Plasma Display Technology. Analyzed and provided testimony regarding financial records, royalty base and issues related to reasonable royalty damages claim in connection with alleged patent infringement.
Video. Analyzed economic damages for claims of patent infringement in matters involving parental control (i.e., “V-Chip”) technology.
Product Configuration Software. Determined economic damages in connection with claims of patent infringement, theft of trade secrets and breach of contract in a matter involving product configuration software.
CRM Software (Banking). Determined economic damages in connection with allegations that a license covering a variety of IP rights (including patents, trademarks, trade secrets and copyrights) had been breached.
Authentication and Encryption. Analyzed economic damages in connection with claims of patent infringement.
Statistical Software. Determined damages and provided expert testimony in connection with Lanham Act claims of trademark infringement.
Telecommunications Software. Analyzed economic damages relating to claims of patent infringement in a matter involving routing of cellular calls based on geographic location.
Software. Analyzed economic damages in relation to claims of patent infringement involving methods of programming used for video used over the Internet and related development tools.
Software. Determined patent infringement damages in connection with alleged infringement of method claims for retail security related technology.
Semiconductors. Analyzed economic damages and exhaustion issues in connection with patent infringement claims involving DRAM technology.
Semiconductors. Studied issues relating to domestic industry and other economic/licensing issues in a matter involving graphic processors.
Semiconductors/LEDs. Determined reasonable royalty damages relating to light emitting diodes.
Semiconductors/PCI: Analyzed economic damages in relation to claims of patent infringement related to switches with transparent and non-transparent ports for Peripheral Component Interconnect technology.
Semiconductor Equipment. Determined and testified regarding economic damages, including lost profits, reasonable royalty and head-start measures, in connection with a complex breach of contract, fraud and theft claim.
Semiconductors. Studied issues relating to the appropriate level of a bond in an international trade dispute.
Semiconductors. Determined economic damages in connection with alleged wrongful taking of memory-related semiconductor technology.
Semiconductors. Determined economic damages, including reasonable royalty, lost profits and unjust enrichment, in connection with chips incorporating 802.15 and Bluetooth wireless standards. Analysis involved evaluation of RAND/FRAND issues.
Patented Security Software. Determined reasonable royalty and lost profits damages in litigation related to patented methods for security and performance software
Telecommunications/Mobile Devices. Determined reasonable royalty damages in a patent infringement matter involving mobile multimedia devices.
Microprocessors. Provided consulting guidance to counsel and chip manufacturer regarding determination of reasonable royalty damages.
Microprocessor Instruction Patents. Provided consulting guidance to counsel, chip manufacturer and computer retailer regarding determination of reasonable royalty damages and preparation of expert reports.
Computer Algorithms for Database Tools. Provided financial and trial-related consulting support in matter involving patented methods for processing data.
Multimedia Broadcasting. Performed reasonable royalty analysis concerning patented method for presenting game data and statistics over the Internet.
Telecommunications. Provided financial and economic analysis in a dispute involving alleged patent infringement of patents covering methods of wireless telephone call routing relative to location.
Telecommunications. Determined economic damages and performed a variety of economic analyses in a dispute involving a RBOC and a start-up digital carrier.
Audio. Prepared fairness opinion for transaction involving IP rights involving hearing-related technology.
Video Surveillance Software. Determined the fair market value of video surveillance software in connection with a contract dispute.
Medical, Pharmaceuticals and Biotechnology
Implantable Devices. Evaluated damages regarding implantable insulin pumps and pacemakers/ICDs.
Medical Device. Evaluated damages regarding bifurcated stents and a delivery catheter.
Biotechnology. Studied domestic industry and economic industry issues in an ITC matter involving science-based and clinically proven novel phospholipid products (marine-derived krill extracts).
Pharmaceuticals. Determined patent infringement damages in a matter involving payload contained in an anti-cancer drug for treatment of Hodgkin lymphoma.
Pharmaceuticals. Evaluated damages in a matter related to a patented formulation for ocular pain medication.
Pharmaceuticals. Provided expert testimony regarding damages in a matter involving drug therapy for fungal ailment. Arbitrator awarded damages consistent with testimony.
Contact Lenses. Determined patent infringement damages in a matter involving silicone hydrogel contact lenses.
Ophthalmology. Determined the value of an enterprise with an exclusive license in the field of ophthalmology (macular degeneration) and a non-exclusive license in other fields.
Pre-clinical Optical Imaging Systems. Opined on issues related to irreparable harm and preliminary injunctive relief. The court denied the plaintiff’s motion for preliminary injunctive relief.
Medical Devices/Testing. Provided consulting advice relating to the value of a therapy/drug delivery method and testing.
Medical Devices. Provided licensing advice and services relating to cardio and stent related technologies.
Topical Ointment. Determined damages under Lanham Act claims of trademark infringement and unfair competition.
Pacemaker and Pacemaker Software. Provided licensing advice in connection with technologies involving methods of controlling pacemakers.
Coronary Stents and Surgical Devices (Neurovascular Intervention). Determined economic damages in connection with allegations of patent infringement.
Catheters. Analyzed economic damages in connection with allegations of patent infringement.
Pacemaker and Defibrillator Technology. Provided expert damages opinion in patent infringement matter.
Pain/topical medicine. Evaluated industry profitability and industry dynamics; evaluated lost profits damages; evaluated reasonable royalty damages.
Pharmaceuticals. Determined reasonable royalty damages in connection with claims of patent infringement of HIV/AIDS drug therapy patents.
Neutraceuticals. Quantified damages associated with inter-temporal values of blocks of shares, as well as analysis of solvency for the enterprise as a whole, in connection with highly leveraged transaction.
Medical Practice. Analyzed damages stemming from insolvency of medical practice.
Heartbeat Sensor Technology. Performed analysis of damages in connection with dispute concerning heartbeat detection technology.
Medical Devices. Calculated reasonable royalty damages in matter involving prosthetics.
Medical-Other. Calculated patent infringement damages in other matters involving pharmaceuticals and biotechnology.
Genetically Modified Seeds. Evaluated damages in a matter involving genetically modified seeds stemming from claims of breach of contract and patent infringement.
Energy and Process Industry
Chemical and Process Industry. Determined economic damages involving alleged breach of contract for the supply of caustic soda.
Upstream Energy Industry. Analyzed economic interests in fracking-related businesses.
Energy Industry. Evaluated economic damages in connection with construction of a plant for manufacturing activated carbon (used for filtration).
Oilfield Services. Determined damages in connection with alleged breach of contract related to drilling technology.
Distributed Generation / Smart Grid. Determined patent infringement damages in a matter involving wireless patents. Provided testimony regarding various licensing issues, comparing patent licenses to broader licenses that included copyrighted software and other IP rights.
Solar Energy. Valued technology rights (patents, copyrights, trademarks, trade secrets) involving photovoltaic cells.
Oilfield Services. Evaluated damages relating to a patented drilling method.
Power Generation. Determined economic damages using a market forecasting tool, together with statistical and real-options based valuation methodology. This assignment also involved determining lost profits using additional financial analysis. Arbitration panel awarded damages consistent with this damages model.
Measurement Technology. Performed purchase price allocation (i.e. SFAS 141) and analyzed financial treatment of the acquisition of a patent portfolio relating to measurement while drilling techniques.
Sampling Technology. Submitted expert opinion regarding rebuttal of damages issues in patent infringement matter.
Tubular Technology. Determined economic damages in connection with dispute regarding value of joint venture and associated contracts, market opportunities and customer relationships.
Casing Technology. Determined reasonable royalty damages in matter involving patents for method of stringing casing.
Power Plant Construction. Determined damages and submitted expert testimony associated with alleged breach of a contract to construct a base load power plant.
Power Generation. Determined damages and provided testimony associated with breach of contract claim.
Chemicals. Analyzed a complex series of transactions to determine alter ego and corporate veil claims of a major multinational company in CERCLA/Superfund litigation.
Automotive, Manufacturing and Heavy Industry
Defense. Provided consulting advice regarding the strategic management and monetization of the patent portfolio of a major defense contractor.
Automotive Hybrid Engine Patents. Provided consulting advice regarding the amount of a reasonable royalty under a post-trial, ongoing royalty rate scenario.
Fluid Transportation. Evaluated damages stemming from claims of fraud and breach of contract.
Copyrighted Engineering Drawings for Automotive Manufacturing. Prepared damages analysis and provided expert testimony regarding alleged infringement of copyrighted drawings.
Valuation of Minority Shareholder Interest in Automotive Industry. Conducted financial analysis on behalf of a minority shareholder for a potential additional investment of capital. Assignment led to litigation, where testimony was provided at deposition and trial.
Automotive Patents – Design. Determined reasonable royalty damages in connection with alleged infringement of automotive field patents.
Automotive Patents – Hybrid Engine Technology. Provided consulting assistance to determine size of market, damage estimation and associated negotiation strategies.
Civil Engineering Drawings. Determined copyright infringement damages in matter involving engineering drawings.
Manufacturing Equipment. Evaluated damages in a matter involving measurement instrumentation stemming from claims of patent infringement.
Media, Retail and Other
Sports/Broadcasting. Determined economic damages in connection with breach of contract claims involving a new cable network and media rights agreements.
Professional Sports. Valued trademarks of a major American professional sporting league. Valued likeness of a professional golfer.
Cable Systems. Determined economic damages in a matter involving cable operators; technology involved broadband and accelerated media delivery.
Set-Top Boxes. Determined patent infringement damages in a matter involving cable set-top boxes (features related to media guides).
Set-Top Boxes for Satellite. Determined the value of patented features in set-top boxes. Assessment involved weighing the value of various features versus other features (including copyrighted content). Matter involved the review of a broad array of contracts between media providers and systems operators.
Media, Tickets and Professional Artists. Performed/reviewed various purchase price allocations involving celebrity merchandising and trade names, copyrights, festival promotion rights, sponsorship contracts, and related non-compete agreements.
Professional Sports. Determined trademark infringement damages in a matter involving professional sports franchises. Also determined value of TV and media rights contracts (including copyrights) in a separate matter.
Prepaid Debit and Phone Cards: Determined economic damages sustained in connection with a breach of contract matter. Testified regarding ongoing royalties.
Provided rebuttal testimony regarding damages and licensing issues regarding the applicability of “most favored nations” (MFN) clause.
Fast Food Franchise Partnership. Performed/analyzed damages relating to the business valuation of a partnership that operated fast food franchises in the Chicago metro area.
Retail / Home Improvement. Determined damages under Lanham Act/trademark infringement claims.
Beverages. Provided expert opinion and testimony related to Lanham Act/copyright infringement claims involving a well-known brand name. Analyzed the economic impact of alleged consumer confusion.
Electronic Designs. Analyzed patent infringement damages relating to a design patent and private-label mobile phone chargers offered by a retailer.
Professional Practice. Valued a 50% interest in a professional services practice in connection with a disputed buyout.
Retail Foods. Provided expert opinion regarding damages associated with unfair competition and theft of proprietary information.
Consumer Product. Determined lost profit and reasonable royalty damages in connection with claims of patent infringement for a matter involving baby strollers.
Retail Foods. Provided an evaluation and recommendations regarding the business and operations strategies, including licensing versus making decisions, for a Latino consumer-products trademark and trade name expanding its reach in the U.S. marketplace.
Transportation and Fire Safety Products. Determined the value of trademarks and patents in connection with an acquisition.
Retail Foods. Determined reasonable royalty damages in matter involving method for preparation and presentation of meat products.
Writing Instruments. Provided consulting assistance including research and financial analysis for mediation and license negotiation purposes.
Transaction/Bankruptcy. Performed valuation of company and assets in connection with recapitalization.
Bankruptcy. Performed numerous valuations and valuation-related services, including pre- and post- filing assessments of value and proposed recapitalizations for debtors-in-possession, creditors’ committees and trustees/receivers. Assignments have included preparation and critiques of plans of reorganization, insolvency, adequate protection, fraudulent conveyance and analyses of preferential payments.
Other. Determined economic damages and performed services in connection with valuation and financial-related disputes, including other matters involving the above industries, as well as other industries ranging from timber to telecommunications
American Society of Appraisers (Accredited Senior Appraiser in Business Valuation; served on the Board of Directors of Houston Chapter)
Licensing Executives Society (Certified Licensing Professional)
Association for Corporate Growth (Member)
American Intellectual Property Law Association (Member)
M.B.A.—Concentration: Finance, Graduate Fellow, Robert H. Smith School of Business, University of Maryland at College Park, 1993. Internship: US Securities & Exchange Commission.
B.S. magna cum laude—Business Management & Administration, Bradley University, Peoria, Illinois, 1990. Phi Kappa Phi and Beta Gamma Sigma honor societies.