Mr. Hastings has over twenty years of financial and valuation experience, assisting attorneys, investors, regulators and financial institutions in investment analysis, bankruptcy and workout situations, forensic investigations and as an expert witness. As an accomplished speaker, Mr. Hastings is able to communicate complex valuation and financial issues in an easy-to-understand format.
Mr. Hastings served six years as a Finance Commissioner of Texas. As the CPA member of the Finance Commission, Mr. Hastings was responsible for testifying to the Texas Senate on the validity and achievability of bi-annual budgets. The Finance Commission provides overall policy and supervisory control for three key state agencies: the Banking Department, the Savings and Loan Department and the Office of Consumer Credit Commissioner. Mr. Hastings served as Chairman of the Audit Committee for the Texas Department of Banking, which provided the guidance and oversight for compliance with Texas’s banking rules and regulation. He was instrumental in assisting the Savings and Loan Department in writing new Mortgage Broker regulations and worked closely with the Consumer Credit Commissioner in clarifying the Texas payday lending regulations.
Mr. Hastings has experience in business financings, as well as the analysis of market dynamics in various industries. His expertise includes financial structuring; creating and analyzing financial derivatives such as stock options, puts and calls; structuring management compensation plans; strategic business planning; research; financial modeling; due diligence and tax advisory; corporate revitalization; strategic and competitive research and intelligence; negotiation assistance; and investor communication. He has provided services to companies in numerous transactions involving valuations, sales, mergers and acquisitions, as well as having been a party to numerous creative financing transactions.
ACCOUNTING AND TAX
Mr. Hastings has a well-rounded understanding of generally accepted accounting principles (GAAP) and tax basis reporting. As a certified public accountant, he has audited public and private companies, served as a chief financial officer for public and private companies, and has been responsible for the filing of corporate, partnership and personal tax returns.
Being Certified in Financial Forensics by the American Institute of Certified Public Accountants, Mr. Hastings is often called upon by corporations and attorneys to assist them in understanding complicated and potentially fraudulent financial transactions.
CORPORATE GOVERANCE
Mr. Hastings has guided organizations through the start-up and growth process, initial capital formation and eventual public offering. He has:
· Provided advice on selecting and developing corporate structures for corporations, limited liability companies and partnerships
· Helped assemble and formalize corporate documentation such as shareholder agreements, minute books, corporate agreements, employment agreements, business plans and executive summaries
· Created offering documents, both private placement memoranda and public offering prospectus, and handled all aspects of capital market transactions
· Advised clients on corporate governance and related matters such as boards of directors and committee compositions; practices and procedures; and duties and responsibilities
Mr. Hastings has expertise in providing advice in complex contractual, financial, and merger and acquisition transactions in many industries.
FINANCIAL ADVISORY SERVICES
Mr. Hastings has experience conducting business valuations and financings in many different industries. His expertise includes financial structuring; creating and analyzing financial derivatives such as stock options, puts and calls; structuring management compensation plans; strategic business planning; research; financial modeling; due diligence and tax advisory; corporate revitalization; strategic and competitive research and intelligence; negotiation assistance; and investor communication. He has provided services to companies in numerous transactions involving valuations, sales, mergers and acquisitions, and was party to numerous creative financing transactions.
Certifications and Licenses
Certified Public Accountant (CPA)
Accredited Senior Appraiser (ASA)
Certified Valuation Analyst (CVA)
Accredited in Business Valuations, AICPA (ABV)
Certified in Financial Forensics, AICPA (CFF)
Former, Securities Financial and Operations Principal
Former, General Securities Principal
Former, Registered Investment Advisor Principal
Former, Life, Disability, Health, Property and Casualty Licenses
Former, Mortgage Broker License
Recent Civil Court Reports, Testimony and Depositions
Expert Witness (Jury Trial) – United States District Court for the Northern District of Texas Dallas Division, March 2009, Case: 3:05-cv-01814, Globex International, Inc., Plaintiff v. Michael Disabato and Silver Knight Sales & Marketing, Ltd., Defendants
- Globex International v. Silver Knight Sales & Marketing, Daubert Hearing – July 2008
- Globex International v. Silver Knight Sales & Marketing, Deposition – April 2008
- Globex International v. Silver Knight Sales & Marketing, Expert Report – February 2008
Expert Witness (Jury Trial) – District Court of Dallas County Texas, June 2008, Cause No.: 04-01870, Blind Spot Media, Inc., Plaintiff v. Kjehl Rasmussen, Paradise Media, LLC, Praxis Entertainment Group Limited, Fabrication Films International, LLC and A Film By, Defendants
Expert Witness – District Court of Dallas County Texas, 192nd Judicial District, November 2007, Cause No.: 01-04748, C-Span Entertainment, Inc., et al., Plaintiffs v. Akin Gump Strauss Hauer & Feld, Blockbuster, et al., Defendants, Court Appearance – Daubert Hearing
· C-Span Entertainment v. Akin Gump Strauss Hauer & Feld, Blockbuster, et al., Deposition – October 2007
· C-Span Entertainment v. Akin Gump Strauss Hauer & Feld, Blockbuster, et al., Expert Report – September 2007
Expert Witness for (Jury Trial) – The Court of Common Pleas of Cuyahoga County, Ohio, February 2010, Case No.: CV06-586654, General Medicine, P.C., Plaintiff v. Petrica Manolache, M.D., Defendant
- General Medicine, P.C., Plaintiff v. Petrica Manolache, M.D., Deposition – January 2008
Recent IRS Cases - Office of Chief Counsel
Expert Witness - United States Tax Court (Atlanta) December 2008, Docket No. 22783-07, The Ringgold Telephone Company, Petitioner, v. Commissioner of Internal Revenue, Respondent. C corporation conversion to Sub S status valuation issues.
Expert Witness - United States Tax Court (Boston) 2009, Docket No. 5008-08, Estate of Myra H. Cohen, Petitioner, v. Commissioner of Internal Revenue, Respondent. Built in capital gains valuation issues.
Expert Witness - United States Tax Court (Denver) 2009, Docket No. 30099-08, Estate of Handler, Petitioner, v. Commissioner of Internal Revenue, Respondent. Discount for lack of marketability, control and Section 2703 issues.
Expert Witness - United States Tax Court (Denver) 2009, Docket No. 10751-09 and 10808-09, Estate of Wandry, Petitioner, v. Commissioner of Internal Revenue, Respondent. Discount for lack of marketability, control and Section 2703 issues.
Recent IRS Cases – LMSB Audit Division
Expert Witness for the IRS LSMB Audit Division – Hartford. CT, 2008 - 2009, Worthless stock write-off valuation issues.
Recent IRS Cases – Estate & Gift Tax Group
Expert Witness - Estate and Gift Tax Group – Garden City, NY, 2009. Multi-tiered partnership valuation issues.
Expert Witness - Estate and Gift Tax Group – Garden City, NY, 2009. Discount for lack of marketability, control and Section 2703 issues.
Expert Witness - IRS Estate and Gift Tax Group – Garden City, NY, 2009. Control and Section 2703 issues.
Expert Witness – IRS Estate and Gift Tax Group – New York (Manhattan), NY, 2010. Net asset value and discount issues.
Expert Witness – IRS Estate and Gift Tax Group – Fort Worth, TX, 2010. Discount for lack of marketability, control and accounting method issues.
Speaking Engagements
“How to Finance Your Company” – National Med Trade
“Employee Stock Ownership Plans – When They Make Sense” – TAHC
“Documentation Linking Systems” – Oklahoma Healthcare Association
“CORF – What You Need To Know To Run A Successful Business” – PT Association
“Surviving a Prospective Payment System” – TAHC
“Diversification Strategies for Healthcare Providers” – Missouri Healthcare Association
“Diversification Strategies” – NAHC
“Cost Reporting Under IPS and PPS” –TAHC
“Key Survival Strategies under the Balanced Budget Act of 1997” – NAHC
“Financing Receivables” – Kitchens, Lambert & Associates
“Getting Paid” – NAHC
“The Cost Reimbursement System – Achieving Your Goals” – Amedisys Corporation Annual Client Seminar
“Cost Reporting – What You Need To Know To Run A Successful Business” – The Southwest Region AHH
“The Political Process and Your Business” – The Dallas/Fort Worth Association of Mortgage Brokers
“Underwater Stock Options: A Drag on the Company’s Financial Performance” – Polaris International
“Estate & Gift Tax Discount Issues – Case Studies” – Internal Revenue Service
“Discounted Cash Flow Analysis: The Four-Step Process” – Internal Revenue Service