Prof. Dr. ChristianAders, Managing Director Prof. Dr. Christian Aders joined Duff & Phelps in 2006. He is a managing director, city leader for the firm’s Munich office and part of the international Investment Banking Transaction Opinions practice and global Valuation Advisory practice. Christian has 15 years of experience in corporate finance.
Prior to joining Duff & Phelps, Christian spent 13 years with KPMG. There he held roles of increasing responsibility in the Assurance and Corporate Finance departments, developing expertise in financial reporting, tax and asset valuations, transactions, and business valuation. Christian specializes in serving communication and information, media and entertainment, consumer and industrial product clients. He is the author of many publications and regularly speaks at conferences.
Christian holds a Diplom-Kaufmann and Dr. oec. publ. from Ludwig-Maximilians-University Munich. He is a member and co-chair of the working group on corporate transactions and valuations, which established guidelines for fairness opinions in Germany and is now working to establish guidelines for squeeze-out valuations in Germany. Christian also is a certified financial analyst and certified valuation analyst. JerryArcy, Global Leader - Financial Services/Managing Director
Jerry Arcy joined Duff & Phelps in 2005. He is a managing director in the firm's New York office, global leader of the Financial Services industry group and part of the Financial Reporting practice. Jerry has over 30 years of experience encompassing all specialties of financial services.
Prior to joining Duff & Phelps, Jerry was managing director for Risk Consulting at Standard & Poor's. Previously, he was a partner at PricewaterhouseCoopers and vice president at Ryland Mortgage. During his tenure with Duff & Phelps, Jerry has managed more than 300 securitized credit transactions and supported numerous global clients. Jerry directs the firm's offerings for financial services entities worldwide and advises board members and senior officers on all aspects of the business, including critical financial initiatives, strategies and business plans. He also serves as an expert witness and consultant for numerous litigation matters.
Jerry holds a B.S. in administration from the University of Michigan and is a certified public accountant. RussellBelinsky, Senior Managing Director
Russell Belinsky joined Duff & Phelps in 2006. He is a senior managing director in the firm's Los Angeles office and co-leader of the Restructuring Advisory practice. He has more than 20 years of corporate finance and restructuring experience.
In 1990, Russell co-founded Chanin Capital Partners, a leading specialty investment banking firm, which was acquired by Duff & Phelps in 2006. Previously he was with the law firm of Skadden, Arps, Slate, Meagher & Flom. Russell has extensive experience in all phases of domestic and international financial restructurings and recapitalizations, including mergers and acquisitions, corporate finance and expert testimony. Recent clients include Alliance Entertainment, Bally's Grand, Inc., Cerplex Group, Leap Wireless, Loews Cineplex, McLeodUSA, Sunterra Corporation and United Artists.
Russell holds a J.D, cum laude, from Georgetown University Law Center and a B.S., magna cum laude, in business administration from Wayne State University.
BruceCartwright, Managing Director
Bruce Cartwright joined Duff & Phelps in 2005. Bruce is the city leader of the firm's Denver office and a managing director in the Tax Services practice. Bruce has more than 25 years of experience in valuation analysis, property tax appeals, negotiations and litigation support.
Prior to joining Duff & Phelps, Bruce was a director of Standard & Poor's tax practice. He also was a senior manager in the Property Tax Services group for both Ernst & Young and Deloitte & Touche. He leads property tax consulting engagements and has expertise in utilities, entertainment and leisure properties, specializing in the state and local taxation of telecommunications, resort assets, airlines, energy and oil and gas-related investments.
Bruce holds a B.A. in business administration from Albion College and is a certified member of the Institute for Professionals in Taxation. JoshuaBenn, Managing Director
Joshua Benn joined Duff & Phelps in 2004. He is a managing director in the firm's New York office. Josh has more than 12 years of experience in investment banking.
Prior to joining Duff & Phelps, Josh was a partner at Stone Ridge Partners LLC, a middle market merger and acquisition advisory firm. Prior to Stone Ridge Partners, Josh was in the M&A and private equity coverage groups at Thomas Weisel Partners and Furman Selz. He has managed merger, acquisition, divestiture and recapitalization transactions and transaction opinions for a variety of public and privately owned clients including Tourneau, Sun Capital, Marlin Company, Gristede's Supermarkets, Fleming Companies and Salant Corporation.
Josh holds a B.A. in political science and French from Dartmouth College. He is a FINRA Series 7, 24 and 63 registered representative. ElyseBluth, Managing Director
Elyse Bluth joined Duff & Phelps in 1984. She is a managing director in the Chicago office and heads the firm's ESOP and ERISA Advisory Services practice, focused on transaction and valuation services to employee benefit plans. Elyse has more than 20 years of corporate finance experience, including mergers, acquisitions, divestures and valuation.
Elyse specializes in advising selling shareholders, company management, boards of directors and fiduciaries in implementing ESOP transactions and other services for ERISA plans. She has structured and negotiated numerous transactions using employer securities as well as provided transaction opinions and ongoing valuation services of nonpublic assets and investments. Her clients cover a variety of industries and include Cargill Incorporated, Bissell Inc. and Tribune Company.
Elyse holds an M.B.A. in finance with a concentration in accounting from the University of Chicago Graduate School of Business and an A.B. in mathematics from Bryn Mawr College. She is a chartered financial analyst charterholder. StephenBurt, Managing Director
Stephen Burt joined Duff & Phelps in 1994. He is a managing director in the Chicago office and leader of the firm's Mergers and Acquisitions (M&A) Advisory practice. Stephen has more than 17 years of middle-market M&A acquisition experience.
Prior to joining Duff & Phelps, Stephen was vice president at Harris Bank and provided corporate banking and advisory services to middle-market companies. He specializes in providing M&A services to buyers and sellers of private businesses or public companies divesting divisions and subsidiaries. Stephen also provides private placement and financial restructuring services to private and public companies. He has extensive experience in many industries, including manufacturing, consumer products, financial institutions, distribution and food and beverage.
Stephen holds an M.B.A. in finance from DePaul University and a B.S. in finance from Indiana University. He is a member of the board of directors of Regal-Beloit Corporation (NYSE RBC).

Duff & Phelps was engaged by Epstein and Nicor to serve as the exclusive financial advisor in the sale of ENE. Duff & Phelps marketed the Company to domestic and international strategic and financial acquirers and generated a significant interest in the acquisition opportunity. Edward S.Forman, General Counsel
Edward S. Forman serves as Duff & Phelps' executive vice president, general counsel and secretary.
From May 1998 to February 2006, Edward was employed by The BISYS Group, Inc., a publicly traded financial outsourcing company, most recently as its senior vice president, acting general counsel and secretary.
Edward received his B.A. in economics from Yeshiva University and his J.D. and M.B.A. from Columbia University. Marc-AntoineCabrelli, Managing Director
Marc-Antoine Cabrelli is a managing director in the firm's Paris office and leads the Financial and Cash Performance group in the Restructuring Advisory practice. Marc-Antoine brings more than 20 years of experience in cash management, short term financing, controlling and working capital improvement.
Prior to joining Duff & Phelps in 2008, Marc-Antoine was a partner at Ernst & Young and Arthur Andersen, where he led the Working Capital Management group in Paris. He also spent several years at Vicat and Pomona where he handled treasury and working capital management. He has served clients in numerous industries, including freight and shipping services, transport, pharmaceuticals, food and beverage, textile and retail and publishing and printing.
AndrewCapitman, Managing Director
Andrew Capitman joined Duff & Phelps in 2007. He is a managing director in the New York office and part of the firm's Mergers and Acquisitions and Transaction Opinion practices. Andrew has more than 27 years of investment banking experience, including mergers, acquisitions, divestitures and financial restructuring.
Prior to joining Duff & Phelps, Andrew was a managing director in The Bank of New York's Merchant Banking Group. Previously, he spent ten years at Fieldstone, where he was a managing director, shareholder and head of corporate finance. Andrew was also a managing director and senior American M&A banker for Bankers Trust Company in London. Andrew has expertise in executing mergers and acquisitions, exclusive sales and divestitures, private placements, fairness opinions, government privatizations, restructurings and recapitalization transactions. He has completed more than 80 transactions domestically and internationally with extensive experience in media, electricity, food distribution, brewing and beverages.
Andrew holds an M.A. with honors in economics from the University of Miami School of Business and Economics and a B.A., cum laude, in economics from Yale University. He is a FINRA Series 7, 24 and 63 registered representative. StephanForstmann, Managing Director Stephan Forstmann joined Duff & Phelps in 2005. He is a managing director in the New York office and part of the firm's Corporate Finance Consulting practice, focusing on portfolio valuations. He has more than 16 years of valuation and corporate finance experience.
Prior to joining Duff & Phelps, Stephan was an investment manager with Affentranger Associates, a private equity and corporate finance firm. He was also with the wealth management firm of Lombard Odier Darier Hentsch as a vice president. Stephan advises clients in the valuation of business enterprises, equity and debt interests and transactional analysis. He has served a broad range of industries in recent years, focusing on alternative investments. His clients have included various well-known alternative investment managers.
Stephan holds a Ph.D. in business administration and an M.B.A. from the University of St. Gallen in Switzerland. He is a certified public accountant. GregFranceschi, Managing Director Greg Franceschi joined Duff & Phelps in 2005. He is a managing director in the Silicon Valley office and global leader of the firm's Financial Reporting Valuation Advisory practice.
Prior to joining Duff & Phelps, Greg was a managing director with Standard & Poor's and a partner at PricewaterhouseCoopers. He specializes in financial reporting projects. Greg has led numerous valuation and consulting projects for leading technology, media, consumer products, retail, medical products and industrial product companies.
Greg holds an M.B.A. in finance from the University of Notre Dame and a B.S. in economics from Indiana University. He is co-chair of the American Institute of Certified Public Accountants’ (AICPA) Impairment Task Force and a certified public accountant. ChrisFranzek, Managing Director Chris Franzek joined Duff & Phelps in 2005. He is a managing director in the New York office and leader of the firm's Portfolio Valuation practice. He has more than 15 years of financial and valuation experience.
Prior to joining Duff & Phelps, Chris was a senior manager at BearingPoint, Inc. where he led the New York Valuation and Financial Advisory Services practice. He specializes in the valuation of illiquid securities for hedge funds, private equity funds, business development corporations and fund of funds. Chris has performed a variety of valuations and decision support analyses for public and private companies across many industries including consumer products, apparel, chemicals, energy, hospitality and gaming, healthcare, industrial products, internet, pharmaceutical, publishing, retail and telecommunications.
Chris holds an M.B.A. in finance from Cornell University's Johnson Graduate School of Management and a B.A. in economics from the University of Rochester. SherylCefali, Managing Director Sherry Cefali joined Duff & Phelps in 1990. She is a managing director in the Los Angeles office and is part of the firm's Transaction Opinions practice. Sherry has 25 years of experience rendering fairness and solvency opinions and determining valuations of companies and securities.
Prior to joining Duff & Phelps, Sherry was a vice president with Houlihan Lokey, an international investment bank. She has served clients in a broad range of industries, including engineering and construction, technology, consumer products, food and real estate. Sherry is the author of many articles published in numerous business and legal publications and is a frequent public speaker on fairness and solvency opinions.
Sherry holds an M.B.A. from the University of Southern California and a B.A. in political science from the University of California, Santa Barbara. LouisaGalbo, Managing Director Louisa Galbo joined Duff & Phelps in 1998. She is a managing director in the San Francisco office and part of the firm's Complex Asset Solutions practice. Louisa has more than 10 years of experience in the valuation of financial derivatives and complex securities.
Prior to joining Duff & Phelps, Louisa worked in the International Business Development group of BHP, Australia's largest mining company, where she managed due diligence projects and constructed complex financial models. Louisa specializes in the valuation of hybrid securities, preferred stock, common stock, warrants and options for financial reporting and tax purposes. She has served clients in a variety of industries.
Louisa holds an M.B.A. from the University of California at Berkeley and a B.S. in computer science from Rutgers University. BrianCullen, Managing Director Brian Cullen joined Duff & Phelps in 2006. He is a managing director based in the firm's Los Angeles office and leader of the Domestic Restructuring Advisory practice. He has more than 15 years of experience in financial restructuring and recapitalization.
Prior to joining Duff & Phelps, Brian was the co-founder and partner of Aria Partners, a special situations investment fund, where he led all aspects of fund management. He also was a vice president at Chanin Kirkland Messina, where he provided valuation advisory services to the U.S. Department of Justice. He started his career at Credit Suisse First Boston and BankAmerica Securities. Brian has expertise in mergers and acquisitions, in and out-of-court debtor and creditor-side restructurings, valuation opinions and capital raising activities. His clients have included Allied Holdings, Amp'd Mobile, Collins & Aikman, Cerplex Group, Legacy Estates, Loral Space & Communications, Mercury Interactive, RCN Corporation, Trump Casino Holdings, Tricom S.A. and Wolverine Tube.
Brian holds a B.A. in economics from the University of California, Los Angeles. Brian also currently serves as a board member for Allied Holdings, Inc., the largest company in North America specializing in the delivery of new and used vehicles. +1 678 916 2500 / +1 212 871 2000 EmailMarkGallagher, Managing Director Mark Gallagher joined Duff & Phelps in 2004. He is a managing director in the Atlanta office and leads the firm's Dispute Consulting and Forensic Advisory Services practice. He has more than 35 years of experience in investigative accounting.
Prior to joining Duff & Phelps, Mark was a partner at Deloitte & Touche where he practiced in the Intellectual Property and Claims Analysis groups. He also was a partner in the forensic accounting firm of RGL Gallagher, CPAs and a shareholder in Campos & Stratis, P.C. Mark provides expertise in disputes arising from patent, trademark and copyright infringement, business interruptions claims, lost earnings, fidelity and fraud investigations and other matters. He has advised clients representing a variety of industries, including insurance, retailing, manufacturing, healthcare, plastics and construction.
Mark holds a B.S. in accounting from Baruch College at The City University of New York. He is a certified public accountant and a certified fraud examiner. BrooksDexter, Managing Director
Brooks Dexter joined Duff & Phelps in 2006. He is a managing director in the Los Angeles office and is part of the firm's Investment Banking practice. He has more than 20 years of experience in business transactions, specializing in mergers and acquisitions.
Prior to joining Duff & Phelps, Brooks was a senior managing director and head of investment banking at USBX Advisory Services. He also was a senior investment banker with J.P. Morgan and a managing director with Lehman Brothers. Brooks has expertise in industries such as consumer products, business services, semiconductors, oil services and distribution. He has handled more than 100 merger and acquisition and debt and equity transactions for clients including Channel Technologies, Inc., Hydril Company, Peerless Injection Molding, InfoLink Screening Services and BNP Paribas.
Brooks holds an M.B.A. in finance from the University of Chicago Graduate School of Business and an A.B. in Business from the University of Chicago. He is a FINRA Series 7, 24 and 63 registered representative. JamesGavin, Managing Director James joined Duff & Phelps in 2005. He is a managing director in the San Francisco office and a West Coast leader of the firm's Real Estate and Fixed Asset Services practice. James has more than 25 years of experience in real estate valuation.
Prior to joining Duff & Phelps, James was the managing director of the Real Estate Valuation and Consulting Practice at Standard & Poor's. He also led the West Coast Real Estate Valuation and Consulting practice for Arthur Andersen. James specializes in serving institutional owners and operators of real estate in the Bay Area. He has advised major clients in a wide range of industries.
James holds a B.B.A. in real estate and urban economics from the University of Wisconsin. James is a certified general real estate appraiser. He is also a designated member of the Appraisal Institute (MAI), Counselor of Real Estate (CRE) and Fellow of the Royal Institution of Chartered Surveyors (FRICS). JeffGordon, Managing Director
Jeff Gordon joined Duff & Phelps in 1985. He is a managing director in the Chicago office and a senior member of the firm's Transaction Opinions practice. Jeff has more than 20 years of financial advisory experience.
Jeff specializes in delivering fairness and solvency opinions for corporate transactions and providing board advisory services and business valuations for a wide variety of purposes. Jeff's clients represent many industries, including business and financial services, publishing and media, real estate, technology, manufacturing, transportation, telecommunications and healthcare. He has also authored numerous articles for financial publications on the subjects of fairness and solvency, spin-offs, business strategy and corporate restructuring.
Jeff holds an M.B.A. in finance from the University of Michigan and a B.A. in economics from Swarthmore College. He is a chartered financial analyst and a FINRA Series 7 and 63 registered representative.
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