Specific Experience Relative to Appraisal Standards and Appraisal Review
Durkin was a certified instructor of Uniform Standards of Professional Appraisal Practice (USPAP) for over 20 years. He has taught for several appraisal associations including the International Society of Appraisers, the American Society of Appraisers, the Society of Accredited Marine Surveyors, the National Auctioneers Association Appraisal Program, the Rhode Island Association of Realtors, and the American Academy of Real Estate, and the National Association. of Professional Appraisers.
Appraisal Review is a specialty appraisal designation of the American Society of Appraisers that deals with the objective critique of appraisal reports. Durkin is former chair of the American Society of Appraisers Review Committee. He developed, wrote five Appraisal Review textbooks and taught the four Appraisal Review Courses (30-hour courses #ARM201, ARM202, ARM 203 and ARM#204. required for an appraiser to obtain an ASA “Appraisal Review” Designation. The ARM201 and ARM 303 courses cover AICPA, International Valuation Standards, USPAP, and the various appraisal association Standards.
Durkin was the consulting review appraiser for the Trans Alaska Pipeline $15 Billion Assessment Dispute, Consulting Review Appraiser for the appraisals prepared by government plaintiffs and owner’s defense. State of Alaska Superior Court. Alaska Pipeline v. State of Alaska Department of Revenue, State Assessment Review Board and North Slope Borough. Case No 3AN-06-08446 CI Consolidated 2007 to 2015. Provided appraisal review critique of $15 billion and $10 billion appraisal reports prepared by plaintiff and defense appraisers. Durkin provided the Appraisal Review in of a $6.5 billion appraisal by BCRI Valuation Services in an assessment dispute of all Verizon California real and personal property situated in California. California State Board of Equalization (SBOE) v. Verizon California Property. Assessment Dispute for all real and personal property owned by Verizon in California 2001 to 2014. Provided appraisal review critique. He regularly reviews (critiques) business valuation reports. Durkin authored several appraisal textbooks and has taught appraisal related courses throughout the U.S., Canada, Mexico, Slovenia, and Lithuania.
Formal Education and Advanced Study:
- BA, Merrimack College, Andover, MA
- Master of Science in Valuation Theory Lindenwood University, St. Charles Mo,
- Juris Doctorate, Massachusetts School of Law. Andover, MA
Specialized Appraisal Education with the American Society of Appraisers 30-hour courses; PP201, M&E 201, RP201, RP202, BV 201, 202, 203, and BV205 (Professional practices).
Specific Experience Relative to Business Valuation
Prior to entering the appraisal business full time Durkin was a former investment banker and personally held Membership in the Philadelphia-Baltimore-Washington Stock Exchange, Associate Member of the Cincinnati, Montreal and Boston Stock Exchanges. He was a Registered Principal of the National Association of Securities Dealers (NASD).
Durkin’s investment banking firm directly underwrote or participated in the underwriting of SEC registered public offerings (IPOs), made markets in over-the-counter stocks, had eight offices throughout New England, employed more than one hundred registered representatives. R. P. Durkin & Company, Inc. had a venture capital subsidiary, Synercap Corporation which provided management consulting and venture capital to closely held corporations.
Among the many businesses Durkin has appraised include:
- The former Soviet Academy of Sciences Pharmaceutical facility in Riga Latvia for the Republic of Latvia; Vilkas Fur Factory and Sporting Shoe Factory in Kaunas Lithuania for Lietuvos Respublikos.
- The $100 million appraisal of the Quincy Shipyard for the U.S. Maritime Administration (MARAD) in the Bankruptcy of Massachusetts Heavy Industries, Inc.
- Valued the James ‘Whitie’ Bulger Liquor Store business for the U.S. Attorney in its seizure of Bulger Property.
- In the mid1990s, Durkin valued more than a dozen U.S. privately owned family retail pharmacies.
- He provided the valuation for the defense in a criminal felony copyright infringement case for the Federal Defenders Program in Atlanta Federal Court.
- Durkin valued just about 100 medical practices for Massachusetts Eye & Ear, New England Medical Center, North Country Hospital, Caritas Hospitals, Brigham & Women’s, and Central Vermont Hospital.
- Durkin was for fifteen years the contract appraiser for the U.S. Customs Service relative to seizures of property in the Ports of Boston, Baltimore, Hartford, and Buffalo, also seizures for the Postal Inspection Service, FBI, IRS, and Secret Service in Boston.
- He has over 50-years’ experience appraising business enterprises involving a wide range of valuation issues including decedent estate tax returns, gift tax, charitable donation, ESOPs, shareholder litigation, family limited partnerships, divorce, and buy-sell agreements.
Professional Associations
- American Society of Appraisers, Fellow Member, has five individual appraisal designations.
- Past president Boston ASA Chapter, ASA’s Lifetime Achievement Award
- Former ASA Regional Governor and International Governor at Large,
- Former Member (6-years) International Ethics (Peer Review) Committee, Examining Committee, Real Property Committee, Bylaws and Constitution Committee, Immediate past chair of the Appraisal Review & Management Committee.
- National Association of Professional Appraisers, Designation Senior Professional Member
- Former Member Institute of Business Appraisers, (2010-2012)
- American Arbitration Association, Panel of Arbitrators.
- Massachusetts Board of Bar Overseers, Six years as a Hearing Officer, Suffolk County
- Licensed Attorney, Massachusetts www.durkinlawpc.com
- Former Licensed General Certified Real Estate Appraiser Massachusetts, Utah, Maine, Illinois, Arizona, and Alabama.
- Philadelphia‑Baltimore‑Washington Stock Exchange, Former Member.
Published Durkin has seven appraisal textbooks:
- Personal Property Appraisal Standards, Theory and Methods,
- Narrative Appraisal Report Writing,
- The Appraiser as Expert Witness
- Marketing Appraisal Services
- Appraisal Review, How to Develop and Communicate a Professional Review.
- Authored the American Society of Appraisers 30-hourcourse textbooks for Appraisal Review 201 and 204.
- Valuation of Marital Estate Divorce Assets including Business Valuation, Real and Personal Property.
Appraisal Instructor,
- Taught the generally accepted national appraisal standards Uniform Standards of Professional Appraisal Practice (USPAP) from 1994 to 2013. Toronto, Mexico City, Kaunas Lithuania
- Narrative Appraisal Report Writing,
- Valuation Theory and Practice
- The Appraiser as an Expert Witness, from the view of the court
- ASA’s 30-hour Appraisal Review courses ARM201, ARM203 (business valuation) and ARM204, include teaching International Valuation Standards, the AICPA Standards, and ASA business valuation appraisal standards.
- Seven-hour Appraisal Review Seminar Around the U.S., Canada, and Slovenia in 2016
- He has taught a concentrated 14-day business valuation course at Kaunas University in Lithuania and helped establish a master’s degree program at the university.
Expert Witness Experience.
- Middlesex & Suffolk County Superior Courts and Probate Courts, Plymouth, Norfolk, Barnstable Probate Courts, Massachusetts Land Court, Lowell, Wrentham District CT’s, Rockingham County (NH) Superior Ct, District of Massachusetts U.S. Federal Court and U.S. Bankruptcy Court.
- Specifics include Plymouth Probate Moneghan v Moneghan Business Valuation.
- AAA Arbitration Nelson v Riccio dental practice valuation.
- AAA Arbitration, San Diego Mailboxes Etc., Inc. v. Armstrong, Business Valuation
- AAA Arbitration, New York, Krasavat v. Jesse Bands, Inc. Jewelry shareholder dispute
- U.S. Bankruptcy Ct, Judge C. J. Kenner, Bus. Valuation
- Brockton Probate Court Business Valuation, Traychek v Traychek.
- Brocton Probate Wise v. Wise, law practice valuation
- Berson v Berson, Expert testimony, complex art works dispute., Suffolk Superior, Judge Gould.
- Middlesex Family Court, Levin v. Levin, $100 million Pharmacy Business Valuation, Divorce Brookline Village Apothecary Trust, MA, Fair Value Divorce
- Benedict v Booska Bailment involving historical artifacts. Expert for plaintiff,
- Federal District Court Boston, $8 million fine art misrepresentation of fine art object. Levin v. Dalva Brothers, Inc., 459 F3d 68
- Norfolk Superior Court, Livingstone v. Shepard, Appraiser Negligence.,
- Caruso v. Caruso, Middlesex Probate, Real and Personal Property
- Suffolk Superior, Judge M. Lopez legal Malpractice damages business Val In Re Zachera.
- Suffolk Probate, Guendouz v. Guendouz, Physical Therapy Business Val, Judge Smoot
- Plymouth Probate Stockbridge v. Stockbridge, expert investment advisory book-of-business
- Alameda County Superior Court California Tower Acquisition v. Grace Sweningsen Trust, Cell tower and 3-Miles Buried Power Cable.
- Michaels et al v. Lakeside Cemetery Corporation Land Court Misc. No. 282161 Whether there was a diminution in value causally connected to the construction of a crematorium.
- Pilgrim Nuclear Plant. Christine A. Bostek, et al., v. Entergy Nuclear Generation Company, et al. CA No. 13 MISC 47028-RBF. Pilgrim Nuclear Power Plant. Whether there was a diminution in value of residential housing causally connected to the storage of nuclear waste.
- Steven Rabinowitz v. Robert Connelly, Binghamton, New York Supreme Court.
- Suffolk Superior Greenleaf Arms Realty Trust I, LLC, Joseph P. Baglione, And Faye P. Baglione, Plaintiffs, V. New Boston Fund, Inc., Jerome L. Rappaport, Jr., Jerome L. Rappaport, Sr., James W. Rappaport, Janet F. Aserkof. Real Property Environmental Contamination diminution in value Issue.
- Techno Magnetic Media and Computer Supplies, Inc. v. Linda Williams and LW Financing LLC. And a cross claim, Linda Williams as a member of Dafna, LLC, Moshe Kedar. Cook County Circuit Court, Chancery Division No. 09-CH-44544. Sept 2019. Testimony on CPA valuation report and non-compliance with AICPA
- Steven Rabinowitz v. Robert Connelly, Personal Property Value Dispute. Binghamton, New York Supreme Court.
Sample Business Valuation Cases where there was no trial
- Marine Arts Galleries, Inc. N.H, Decedent Estate.
- Skaff Cryogenics, Inc. N.H, Cryogenic Storage Tank Bus Valuation
- Brookline Village Apothecary Trust, MA, Fair Value Divorce. $100 million fertility pharmacy.
- CrossFit Health Club. MA. Fair Value Shareholder Dispute
- Parametros Capital, Inc. MA. Fair Value Shareholder Dispute
- Linnane Insurance Agency. MA, Fair Value Divorce
- Dolphin Fleet Provincetown Whale Watch Business, Decedent Estate and Divorce. Including five large whale watch ships.
- Valuation of Wind Farm. No Fossil Fuels, LLC including three Gamesa 2 Mega Watt Wind Turbines situated in Kingston, Massachusetts
- Robert Wu, M.D., PC, General Medical Practice Purchase value
- Luchia Jewelry Gallery, Kingman, Arizona. Divorce. Business enterprise
- Empire Loan, Inc., of Worcester, Boston, Rhode Island, New Bedford, Divorce
- Fernandes Landscaping, Bus Val, MA. Fair Value Divorce Kessler
- Grogan Jewelers. Florence Alabama, Bus Val. Fair Value Divorce
- Maach v. Haddad, 7-11 Store business valuation Fair Value Divorce Kessler
- Morse v. Morse, Cranberry Company, Inc., Fair Value Divorce Issue
- Cota & Son Struzziero Funeral Home, Inc. Shareholder dispute
- Lynch Cantillion Funeral Home, Inc. Business valuation Estate Tax issue
- Chyten Test Preparation, Inc., MA. Fair Value Divorce
- Fernandez v. Fernandez, MicroCad Inc. Bus Val. Software company. Fair Value Divorce
- Moore Rug Company, Inc. Fair Value Retail floor covering co, Shareholder Dispute
- Adams v. Liberty Mutual, Broadway Chiropractic, Libel Business, Suffolk Superior
- J.J. Vaccaro, Inc. Construction Business, Employee Stock Ownership Plan ESOP Business Valuation
- Joe Tecce, Inc. Major Boston Restaurant Valuation, for Decedent Estate and Will Dispute
- Henry’s Food, Inc. Specialty Food Market, Shareholder divestiture.
- MTI-Milliren Technologies, Inc. Milliren v. Milliren. Specialized Medical Printing Divorce
- William Lento v. RBS Citizens, Bank NA, U.S. Federal Court Boston, CA. NO. 1:13cv-10217-GAO 2014
- Union Mutual Fire Insurance v. Anthony and Susan Pate, Bristol County Rhode Island Superior Court. CA No. 13-1620 2016 Umpire Insured loss dispute.
- State of Alaska Superior Court. Alaska Pipeline v. State of Alaska Department of Revenue, State Assessment Review Board and North Slope Borough. Case No 3AN-06-08446 CI Consolidated 2007 to 2015. Provided appraisal review critique of $15 billion appraisal reports prepared by plaintiff and defense appraisers.
- Fore-River Quincy Shipyard facility. Appraisal of enterprise land, buildings, machinery, and equipment for the U.S. Maritime Administration (MARAD), in Re: Bankruptcy of Massachusetts Heavy Industries, Inc. $100 Million loan guarantee by MARAD
- California State Board of Equalization (SBOE) v. Verizon California Property. Assessment Dispute for all real and personal property owned by Verizon in California 2001 to 2014. Provided appraisal review critique of $6.5 billion appraisal by BCRI Valuation Services.
Work Experience: Attorney and Appraiser. 1974-Present Durkin Valuation Consultants in real, personal and intangible property. Durkin Law, PC provides legal services in trademark, copyright, art law, shareholder buy-sell agreements, wills, trusts, probate administration, provides defense for licensed real estate appraisers before the Board of Registration of Real Estate Appraisers. Plaintiff counsel for suits against appraisers. Past President of R. P. Durkin & Company, Inc., (1968-1974) investment banking, Member of the Philadelphia-Baltimore‑Washington Stock Exchange; Associate Member Boston, Montreal, Pittsburgh Cincinnati Exchanges. Underwriting new issues, Securities market maker NASDAQ, O-T-C market, and president of venture capital company Synercap Corporation 1969-1979.
Articles Published in New England Real Estate Journal
Appraisal Theory and The Advent of Quantum Computers - by Roger Durkin
How the legal environment endangers appraisal practice -by Roger Durkin
The Appraiser as An Expert Witness - by Roger Durkin
The Write Stuff - by Roger Durkin
Recognition That Appraisal Reports Are an Argument - by Roger Durkin
Let’s Talk About the Reality of Shareholder Disputes - by Roger Durkin
The Appraiser as An Intellectual Idiot - by Roger Durkin
The Law of Appraisal: A Common Definite Objective - by Roger Durkin
Appraisal Associations May Be Shooting Themselves in The Foot - by Roger Durkin
Faulty Appraisals and Need to Revisit Appraisal Basics: Part 1 & 2- by Roger Durkin
Appraisers Are Lemmings, Self-Destructing and Irrational - by Roger Durkin
The Theory and Practice of Appraisal Review Differs Among Practitioners - by Roger Durkin