Michael Vitti is a managing director in the Disputes and Investigations practice. His practice is focused on issues related to business/asset valuation and credit analyses.

Based in Morristown, Michael has over 20 years of experience preparing financial analyses in a variety of contexts, leveraging his financial expertise to provide clients with a broad range of litigation, forensic and investigative services within the context of valuation-related, credit-related, and other types of disputes.

Michael has performed valuation, credit, and other financial analyses across many contexts (e.g., transaction advisory, strategic planning, financial reporting, and tax) and industries and has advised on several highly publicized and noteworthy cases.

Michael is a frequent author and speaker. He contributed to books published by Wiley and the American Bar Association. He authored articles that were featured in publications such as the American Society of Appraisers’ Business Valuation Review, the American Bankruptcy Institute’s ABI Journal, and Harvard Law School’s Bankruptcy Roundtable. He has spoken at national conferences sponsored by the American Society of Appraisers, the National Association of Certified Valuators and Analysts and the Association of Insolvency & Restructuring Advisors. He developed and teaches the “Solvency and Insolvency” webinar sponsored by NACVA, which is part of the curriculum for its Master Analyst in Financial Forensics designation.

Michael started with Coopers & Lybrand in 1996. After Coopers & Lybrand merged with Price Waterhouse in 1998, he remained at PricewaterhouseCoopers within their Corporate Value Consulting practice. Michael stayed with this practice after it was sold to Standard & Poor’s in 2001 and merged with Duff & Phelps in 2005.

Michael received his B.S. in business administration with concentrations in finance and accounting from Montclair State University. He is a Chartered Financial Analyst charterholder and formerly held the Certified Management Accountant and Certified Financial Manager designations.

Representative Engagements

Fraudulent Conveyance or Preference Lawsuits

  • Provided analysis related to the spin-off of various brands from a leading consumer product company.
  • Provided analysis related to the spin-off of a multi-billion dollar unregulated subsidiary from a leading utility company.
  • Provided analysis related to a leveraged recapitalization of a leading land developer.
  • Provided analysis related to the leveraged recapitalization of a metals company.
  • Provided analysis related to the leveraged buyout of a regional supermarket.
  • Provided analysis related to dividends paid by a recycled metals company.
  • Provided analysis related to the removal of a debt guaranty from a land developer and home builder.
  • Provided analysis in a preference matter related to a large pharmaceutical distributor.
  • Provided analysis in a preference matter related to a financial services company.
  • Provided analysis in a preference matter related to a retailer.

Potential Fraudulent Conveyance or Preference Lawsuits

  • Advised court-appointed examiner on potential colorable fraudulent transfer and preference claims that arose from Lehman Brothers’ bankruptcy filing.
  • Advised debtor on potential fraudulent conveyance claims (focus was on upstream guarantees made by subsidiary guarantors) related to the leveraged buyout of a financial services firm.
  • Advised creditor that financed the leveraged buyout of a financial services firm shortly before the debtor filed for bankruptcy due to the disclosure of a large accounting-related fraud.
  • Assessed a potential fraudulent transfer claim related to a debtor in the oil and gas industry that did not have any debt obligations (analysis focused on capital adequacy).
  • Assessed a potential fraudulent transfer claim related to a leveraged recapitalization in the cable industry.
  • Advised on the prospective assessment regarding one of the largest spin-offs in history.
  • Advised on the prospective assessment related to the merger of two multi-billion dollar chemical companies
  • Advised on the prospective assessment of a multi-billion dollar technology company.

Other

  • Advised a U.S. government agency (a creditor) on the feasibility of a building material company’s proposed restructuring plan.
  • Advised on the capital adequacy of an investment fund during the middle of 2008.

Financial Crisis-Related Matters

  • Advisor to the court-appointed examiner for Lehman Brothers; focused on reported valuations of Lehman’s assets in the context of potential colorable fraudulent transfer or breach of fiduciary duty claims; and the parent company’s liquidity, capital adequacy, and ability to pay its debts.
  • Several of the aforementioned solvency-related matters involved debtors that were affected by the financial crisis.
  • Advised on multiple residential mortgage put back-related matters.

Financial Damages

  • Advised on multiple matters in the Delaware Chancery Court where shareholders alleged that they were harmed by a change-in-control transaction.
  • Assessed damages related to claims of professional malpractice that affected companies in the cable and consumer product industries.
  • Assessed damages related to a breach of sale contract that involved a European Internet service provider.
  • Valued a minority interest in a distribution business within the context of a shareholder oppression lawsuit.
  • Assessed damages related to an investment bank that facilitated financing and provided advice to a manufactured housing company.
  • Assessed damages related to a failed joint venture within the cable industry.
  • Assessed damages related to a dispute between a cable company and an early-stage content provider.
  • Advised counsel on damage theories in an insurance-related matter that stemmed from the terrorist attacks on 9/11.
  • Advised minority shareholder group related to the purchase of controlling shares in a Canadian company with a dual-class ownership structure.
  • Assessed damages related to material information that was allegedly not disclosed by the seller; the subject company was in the consumer products industry.

Other

  • Assessed the value and terms associated with a long-term agreement between a cable company and a content provider.
    Valued unregistered shares in a technology company.

Transaction Advisory

  • Advised shareholder and founder of an insurance company on the value of his equity interest; the context was his contractual right to sell his interest in the company to his co-investor/employer.
  • Advised on the merger between two professional sports teams.
  • Assessed the fairness of deal terms from a financial point of view for multiple matters.

Strategic Planning

  • Advised a pharmaceutical company on its strategic options related to its biotechnology subsidiary.
  • Advised an early stage Internet company on its strategic options.

Financial Reporting

  • Valued tangible and intangible assets for purchase price allocation purposes for multiple transactions within the telecommunications industry.
  • Valued tangible and intangible assets for purchase price allocation purposes related to the merger of two large pharmaceutical firms based in Europe.
  • Valued tangible and intangible assets for purchase price allocation purposes related to the acquisition of a chemical company.
  • Valued tangible and intangible assets for purchase price allocation purposes related to the acquisition of a company that manufactured products for the medical device industry.
  • Valued tangible and intangible assets for purchase price allocation purposes related to the acquisition of a company that sold and serviced products that were acquired by corporate customers.
  • Valued entities and intangible assets to assess the impairment of intellectual property associated with a Universal Mobile Technology System license in Europe.
  • Valued entities and intangible assets to assess the impairment of goodwill and other intangible assets associated with acquisitions across a variety of industries.
  • Valued employee stock options in the context of assessing stock-based compensation.

Tax

  • Valued legal entities in the context of multiple tax restructurings.
  • Valued equity interests for estate planning purposes.
  • Valued a patent donated by a chemical company to a leading university.
  • Valued assets owned by a pharmaceutical company for a Section 475 election.

Certifications

  •  Chartered Financial Analyst charterholder

Education

  • Bachelor of Science, cum laude and departmental honors, Business Administration with concentrations in finance and accounting, Montclair State University,1996.

Other

Professional Affiliations

  • CFA Institute, Member
  • American Bankruptcy Institute, Member
  • NACVA’s QuickRead, Editorial Board Member
  • NACVA’s “Solvency and Insolvency Testing” webinar, Presenter
  • American Society of Appraisers’ Business Valuation Review, Technical Reviewer
  • NACVA’s “Solvency and Insolvency Testing” webinar, Designer
  • ASA’s 2015 Advanced Business Valuation Conference, Planning Committee Member
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