J. Armand Musey, CFA

Mr. J. Armand Musey, CFA

Summit Ridge Group, LLC
535 Fifth Avenue, 4th floor
New York , NY 10017
Mobile: 917-514-2132
Office: 212-433-4802
Introduction

J. Armand Musey, JD/MBA, CFA, is the president and founder of Summit Ridge Group LLC. Armand specializes in financial analysis and valuation in the satellite, media and telecommunications industries. A former top-ranked Wall Street research analyst, he has a unique blend equity research, investment banking and consulting experience since 1997. Armand has completed dozens of financial valuation, strategic analysis, business development, corporate governance and business plan creation assignments in the communications industry. He also has experience working on numerous financing, M&A transaction and litigation support assignments.


Areas of Expertise
  • Business Valuation
  • Cell Phones
  • Data Communications
  • Intangible Assets Appraisal
  • Lost Profits
  • Telecommunications
  • Wireless Technology

Expert Background
Q: Please list your professional accreditations, degrees, licenses, and certificates granted:
A: BA (with Honors) - University of Chicago;
MA - Columbia Univeristy;
MBA - Kellogg Graduation School of Management (Northwestern University);
JD (Cum Laude) - Northwestern University School of Law;
Chartered Financial Analyst (CFA);
Completed American Society of Appraiser's business valuation and intangible asset valuation curriculum; and
Passed national Uniform Standards of Professional Appraisal Practice (USPAP) exam.
Q: Please list your affiliations or memberships in any professional and/or industry organizations:
A: CFA Institute;
New York Society of Security Analysts;
American Society of Appraisers (board member of NYC Chapter: 2017-2019); and
The Federal Communications Bar Association (Co-Chair of NY Chapter: 2016-present)
Q: Please list any teaching or speaking experience you have had, including subject matter:
A: 1) May 14, 2020. Intelsat’s Bankruptcy: Why Now and What’s Next. Participated in a webinar hosted by SpaceNews Magazine. Other participants included Giles Thorne - Managing Director, TMT Equity Research, Jefferies Financial Group; Nathan de Ruiter - Managing Director, Euroconsult Canada; Samer Halawi – Chief Commercial Officer, Intelsat; Brian Berger - Editor, Space News (co-moderator); and Caleb Henry – Writer, SpaceNews (co-moderator).
2) March 10, 2020. CBRS PAL Auction Workshop. Washington, DC. Presented an overview of CBRS auction dynamics and valuation issues.
3) March 9, 2020. Satellite 2020, Washington D.C. Moderated a panel titled “Global Spectrum Roundtable.” Panelists included Audrey Allison – Vice President of Global Spectrum Management, Boeing Corp; Timothy L. Bransford – Partner, Morgan Lewis; Carlos M. Nalda – Managing Principle, LMI Advisors, LLC; Veena Rawat (remotely) – Senior Spectrum Advisor, GSMA. Mr. Musey also spoke on the panel titled “Satellite Finance 2020: Reading the Tea Leaves.” Other participants included Brad Grady, NSR (Moderator); Justin Cadman, Quilty Analytics; and Mathieu Robilliard, Barclays.
4) January 14, 2020. CBRS Alliance Members Meeting, Phoenix, AZ. Presented an overview of the upcoming CBRS auction process and valuation issues.
5) December 3, 2019. FCBA’s Exploring the C-band: Policy Perspectives and Predictions, Washington, DC. Participated on a panel held at the office of Womble Bond Dickinson. Other participants included Louis Peraertz – Vice President of Policy, WISPA; Matt DelNero – Partner, Covington & Burling LLP; Patrick Welsh – AVP Regulatory Affairs, Verizon; and Angela Kung – Of Counsel, Mintz Levin.
6) October 23, 2019. K&L Gates Space & Satellite Colloquium, Washington, DC. Spoke on a panel titled “Space Finance.” Other panelists included Elizabeth H. Evans, Partner, K&L Gates LLP (Moderator), Roger Cohen, Head Counsel for Structured Finance, Export Import Bank of the U.S.; Steven Insalaco, Managing Director, Calgary Capital; Richard Parker, Director, Assure Space; Noel Rimalovski, Managing Director, GH Partners LLC; and Matt Kozlov, Managing Director, Techstars.
7) September 25, 2019. Spectrum Americas, Washington, DC. Moderated a panel titled “Developing a Regulatory Framework to Encourage Sharing and Incentivize Incumbents to Release/Share spectrum.” Panelists included Tom Taylor, Senior Program Analyst, Department of Defense; Ira Keltz, Deputy Chief, Office of Engineering and Technology, FCC; Jayne Stancavage, Global Executive Director of Communications Policy, Intel; Raul Pineiro, Senior Business Development Manager, Spectral Solutions, L3Harris; Bruce Jacobs, Senior Advisor, Office of Spectrum Management, NTIA; and Martha Suarez, President, Dynamic Spectrum Alliance.
8) May 8, 2019. Satellite 2019, Washington, DC. Spoke on a panel titled “No Bucks, No Buck Rogers: Bottoming Out the Bottom Line From the Bottom Up.” Other panelists included John Finney, CEO of Isotropic Systems; David Howgill, President of Hucksworthy; John Lyotier, CEO of RightMesh; and Dylan Brown, President of the Government Business Unit at OneWeb. The moderator was Michael Potter, Co-Founder and Director at Geeks Without Frontiers.
9) November 1, 2018. SSPI and NY Space Alliance First Astropreneurship Day, New York, NY. Spoke on a panel titled “The Physics of New Space Valuation.” Other panelists included Hoyt Davidson, CEO of Near Earth LLC, and Noel Rimalovski, Managing Director at GH Partners LLC. The moderator was Joseph D. Fargnoli, Co-Founder of the New York Space Alliance.
10) October 8, 2018. 7th Annual Spectrum Management Conference, Washington, DC. Moderated a panel titled “Plotting the Shape of the Future mmWave Spectrum Landscape – Key Bands, Use Cases and Technologies.” Panelists included Donald Stockdale, Chief, Wireless Telecommunications Bureau at the FCC; Andy Hudson, Head of Policy at GSMA; Jennifer Manner, Global Spectrum Policy at ESOA; and Sergio Bovelli, Manager, Market Access and Regulation at Airbus.
11) September 5, 2018. 2018 Roundtable on Value & Benefit Creation in Commercial Space. New York, NY. Spoke on a panel titled, “Communicating Value – Common Understanding and Terms.” The other panelist was Micah Walter-Range, President, Caelus Partners. The moderator was Ian Christensen, Director of Private Sector Programs, Secure World Foundation.
12) March 12-15, 2018. Satellite 2018, Washington, DC. Moderated a panel titled “Financing HTS Growth – GEOs, MEOs, LEOs.” Panelists included Chris Quilty, President, Quilty Analytics; Grant Barber, CFO, Hughes Network Systems; Joshua Marks, CEO, Global Eagle Entertainment; and Mark Rigolle, CEO, LeoSat Enterprises.
13) January 21-24, 2018. Pacific Telecommunications Council (“PTC ’18), Honolulu, HI. Spoke on an executive roundtable titled “Why 5G Will Change Everything You Thought You Knew About Telecom.” Other panelists included Gary Kim (Moderator); Hirohisa Furuichi, Director General, Telecommunications Business Department, Ministry of Internal Affairs and Communications (MIC); Tricia Paoletta, Partner, Harris, Wiltshire & Grannis LLP; and Jack Waters, CTO & President, Fiber Solutions, Zayo.
14) October 18-19, 2017. National Association of Broadcasters Show-New York (“NAB-NY”), New York, NY. Co-organized the “TV on Wall Street” track at the NAB-NY conference. Moderated three panels on the “TV on Wall Street” track and moderated a panel on satellite finance on the “SatCon” tract.
15) October 12-13, 2017. 6th Annual Spectrum Americas Conference, Washington, DC. Moderated two panels related to spectrum policy.
16) March 6-9, 2017. Satellite 2017, Washington, DC. Co-presented, with Space Systems/Loral Senior Vice President of Business Development Rich Currier, about the “Impact of Technology Changes on the Satellite Investment Case,” with a focus on the issues satellite players will be facing in the future including debt management, margin/revenue expectations, fleet re-balancing, and growth strategies.
17) January 15-18, 2017. Pacific Telecommunications Conference (“PTC’17), Honolulu, HI. Spoke on an executive roundtable titled, “The Spectrum Revolution: Where, What, Why, How?” Other panelists included Gary Kim, Founder, Spectrum Futures (Moderator); Pierre de Vries, Senior Fellow & Co-Director, Spectrum Policy Initiative, Silicon Flatirons Center, University of Colorado, Boulder; Kalpak Gude, President, DSA; and Tricia Paoletta, Partner, Harris, Wiltshire & Grannis LLP.
18) May 24, 2016. High Throughput Satellite Roundtable, Washington, DC. Spoke on a panel titled, “Focus on Mobility – Following the Money.” Other panelists included David Helfgott, CEO, Phasor Solutions; Joe Spytek, CEO, ITC Global; Timothy Shroyer, Chief Technology Officer C4ISR, General Dynamics Mission Satellites, and Sima Fishman, Managing Director, Euroconsult (Moderator).
19) March 7, 2016. Satellite 2016. Washington, DC. Spoke on a panel titled “Satellite’s Response to Evolving Media Habits: Streaming, Over-The-Top (OTT) and Bandwidth Demand.” Other panelists included Jimmy Schaeffler, Chairman & CSO, The Carmel Group (Moderator); Lisa Hobbs VP, Commercial Portfolio Strategy, Compression, Ericsson; Mr. Gerard Faria, CTO, Teamcast; Paul Scardino, Senior Vice President, Globecomm; Scot Loach, CTO, Aterlo Networks; and Thomas van den Driessche, CCO, Newtec.
20) February 2, 2016. 5th Annual Americas Spectrum Management Conference, Washington, DC. Moderated a panel titled “Delivering Secure, Reliable and Efficient Public Safety Spectrum.” Panelists included TJ Kennedy, President, FirstNet; Luis Lara, Director, Government Affairs, Spectrum and Regulation LATAM, Motorola Solutions; Luis Lucatero, Independent Spectrum Expert; Steven K. Berry, President & CEO, CCA; and Michael McMenamin, Principal, Winning Strategies Washington DC.
21) January 18, 2016. Pacific Telecommunications Conference (PTC ’16). Honolulu, HI. Spoke on an executive insight roundtable titled “Will New Platforms for Internet Access Change Everything?” Other panelists included Gary Kim, Founder, Spectrum Futures (moderator); Reza Arefi, Director, Spectrum Strategy, Intel Corporation, USA; H Sama Nwana, Executive Director, Dynamic Spectrum Alliance, and Founder & Director, Atlantic Telecoms & Media, USA; and Peter Stanforth, CTO & Co-founder, Spectrum Bridge Inc., USA.
22) November 11, 2015. SatCon, New York, NY. Moderated a panel titled “The $100 Billion Question: Who Gets the Spectrum.” Panelists included Coleman Bazelon, The Brattle Group; Winston Caldwell, Vice President, Spectrum Engineering, Advanced Engineering, Fox Networks Group; Alexander Gerdenitsch, Senior Principal Engineer, Regulatory Affairs, EchoStar; and Gerald Oberst, Senior Vice President, Global Regulatory & Governmental Strategy, SES.
23) June 18, 2015. HTS & the Mega LEO Wildcard: The DC Roundtable, Washington, DC. Spoke on a panel titled “The Gloves are Off: Let’s Step Outside.” Other panelists included Brendan Murray, Product Manager – Commercial SatCom, Avascent; and Veena Rawat, Senior Spectrum Advisor, GSMA.
24) November 13, 2014. 4th Annual Americas Spectrum Management Conference, Washington, DC. Moderated a panel titled, “Spectrum Licenses – Is There a Need to Rethink Geographical Aspects of License Awards?” Panelists included Erin Fitzgerald, Associate at Bennet & Bennet PLLC; Johanne Lemay, co-president of LYA Associates; Blaise Scinto, Chief of Broadband Division of the FCC, and Scott J. Wallsten, Senior Research Fellow at Technology Policy Institute.
25) October 23, 2014. Space & Satellite Regulatory Colloquium, Washington, DC. Spoke on a satellite finance panel. Other panelists included Elizabeth Evans, Partner, Dentons (Moderator); John Stone, Partner, Near Earth, LLC; and William Schuster, consultant.
26) September 13, 2014. TPRC (Telecom Policy Research Conference), Washington, DC. Co-presented a paper with co-author Aalok Mehta titled “Overestimating Wireless Demand: Policy and Investment Implication of Upward Bias in Mobile Data Forecasts.”
27) June 3, 2014. Telecom Industry Association, Network of the Future. Dallas, TX. Spoke on a panel titled “Uncrunching the Spectrum Crunch.” The panel was moderated by Steven J. Crowley, P.E., Consulting Engineer. Other panelists included Fran O’Brien, Jr. Ph.D., Wireless Standards Mobility CTO, Cisco; Tom Stroup, CEO, Shared Spectrum Company, and Alan Jette, Head of North American Industry Environment, Nokia.
28) March 27, 2014. CCA Global Expo, San Antonio, TX. Spoke on a panel titled “Spectrum Auctions: Current Considerations and Planning Ahead.” Senior C-Net writer Marguerite Reardon moderated the panel.
29) March 10, 2014. Satellite 2014, Washington, DC. Moderated a panel titled “Satellite Finance Forum: Market Disruptors: How Can They Be Managed for Maximum Return?“
30) January 31, 2014. Super Wi-Fi Summit, Miami, FL. Moderated a panel in the finance forum titled “Terrestrial Use of Satellite Spectrum: Got Some Space Share?”
31) October 27, 2013. Harvard Business School: 2013 Space Conference. Cambridge, MA. Presented on a panel titled “Financing Space: Big Works, Big Bucks.”
32) October 24, 2013. Space and Regulatory Colloquium, Washington, D.C. Presented on a panel titled “Legal and Regulatory Issues Affecting SatCon Availability.” The panel was moderated by John P. Janka, Partner, Latham & Watkins.
33) August 28, 2013. Super Wi-Fi & Shared Spectrum Summit, Las Vegas, NV. Presented on a panel titled “VCs and Investors Buying into White Spaces” and another panel titled “Incentive Auction Debate – Are the Stakes too High for Broadcasters?”
34) June 5, 2013. Federal Communications Bar Association – New York Chapter, New York, NY. Spoke on a panel discussing the FCC’s TV Broadcast Incentive Auction. Other panelists included Christopher Wieczorek, Sr. Corporate Counsel, T-Mobile US; Charles Bell, Programs Director, Consumers Union; Jonathan Cohen, Partner Wilkinson, Barker & Knauer; and David Donovan, President and Executive Director of the New York State Broadcasters Association.
35) April 23-24, 2013. Wireless Spectrum Research and Development (WSRD) Senior Steering Group of the Federal Government’s Networking and Information Technology Research and Development Program (NITRD). Cambridge, MA. Participated in Workshop at MIT titled “Promoting Economic Efficiency in Spectrum Use: The Economic and Policy R&D Agenda.”
36) April 3, 2013. WISPA America, Cincinnati, OH. Presented on a panel titled, “Financial Criteria: A Discourse on Financing.” Other panelists included Bill Evenson of CIT; Chuck Walters of Walters Associates; and Thomas Carroccio of the Law Offices of A. Thomas Carroccio PLLC (Moderator).
37) January 31, 2013. SuperWi-Fi Summit, Miami, FL. Presented on a panel titled “Financial Community and Shared Spectrum: Looking for Common Ground.” Other panelists included Bill Evenson of CIT; Chuck Walters of Walters Associates; and Thomas Carroccio of the Law Offices of A. Thomas Carroccio PLLC (Moderator).
38) December 19, 2012. Crossfire Media: Incentive Auctions: What the Broadcasters Need to Know, Washington, DC. Moderated a panel discussion titled “Legal Perspective: TV Incentive Auction Reverse Auction Process.” Panelists included: Coleman Bazelon, The Brattle Group; Thomas Hazlett, George Mason School of Law; and Mark Fratrik, BIA Kelsey.
39) November 8, 2012. Columbia Law School, New York, NY. Presented a paper titled “Broadcasting Licenses: Ownership Rights and the Spectrum Rationalization Challenge” as part of a speaker series.
40) October 5, 2012. SuperWi-Fi Summit, Austin, TX. Presented on a panel titled “Crystal Ball – White Spaces 2018.” Other panelists included Gregory J. Herman, President –Spectrum Evolution; Barlow Keener (Moderator), Principal – Keener Law Group; Marty Stern (Moderator), Partner – K&L Gates LLP; and Rick Whitt, Global Head for Public Policy and Government Relations – Motorola Mobility LLC.
41) October 4, 2012. Super W-Fi Summit, Austin, TX. Presented on a panel titled “Incentive Auctions: Looming Battles, or Burgeoning Partnerships.” Other panelists included Vanu Bose, CEO – Vanu, Inc.; Jim Carlson, CEO – Carlson Wireless; Rod Dir, CEO – Spectrum Bridge; Paul Garnett, Director - Technology Policy; Microsoft; and Rick Whitt, Global Head for Public Policy and Government Relations – Motorola Mobility LLC.
42) March 6, 2012. Association for Law Property and Society Annual Meeting, Georgetown Law Center – Washington, DC. Presented an academic paper at this conference titled “Broadcasting Licenses: Ownership Rights and the Spectrum Rationalization Challenge.”
43) June 2008. Washington Space Business Roundtable, Washington, DC. Presented a talk titled “Trials & Pitfalls of Communicating from the Top of the World.”
Q: Have any of your accreditations ever been investigated, suspended or removed? (if yes, explain)
A: No.
Q: On how many occasions have you been retained as an expert?
A: Five.
Q: For what area(s) of expertise have you been retained as an expert?
A: satellite communications;
financial and valuation analysis of satellite related companies;
wireless spectrum valuation; and
equity research methods and standards (for an insider trading case).
Q: In what percentage of your cases were you retained by the plaintiff?
A: 40%
Q: In what percentage of your cases were you retained by the defendant?
A: 60%
Q: On how many occasions have you had your deposition taken?
A: six times (twice in cases where I was a fact witness)
Q: When was the last time you had your deposition taken?
A: September 2019
Q: On how many occasions have you been qualified by a court to give expert testimony?
A: Six times
Q: On how many occasions have you testified as an expert in court or before an arbitrator?
A: Five times
Q: For how many years have you worked with the legal industry as an expert?
A: 10 years
Q: What services do you offer? (E.g.: consulting, testing, reports, site inspections etc.)
A: Consulting, reports and testimony (deposition and in court).
Q: What is your hourly rate to consult with an attorney?
A: $750
Q: What is your hourly rate to review documents?
A: $750
Q: What is your hourly rate to provide deposition testimony?
A: $750
Q: What is your hourly rate to provide testimony at trial?
A: $750
Q: Please list any fees other than those stated above (E.g.: travel expenses, copy fees, etc.)
A: Non-productive travel at half-rate ($375/hr). Ordinary office and administrative expenses (e.g. copying, printing, etc.) are included. Non-ordinary expenses (e.g., travel, specialized databases, etc.) billed at cost.


References

Mr. Patrick Campbell
Partner
Paul Weiss
2001 K Street
Washington, DC 20006
pcampbell@paulweiss.com


Mr. Steven Coran
Partner
Lerman Senter, LLP
2000 K Street, NW
Suite 600
Washington, DC 20006
(202) 416-6744
scoran@lermansenter.com


Mr. John K. Hane
Partner
Pillsbury Winthrop
1200 Seventeenth Street, NW
Washington, DC 20036
(202) 663-8116
john.hane@pillsburylaw.com


Mr. Trey Hanbury
Partner
Hogan Lovells
555 Thirteenth Avenue, NW
Washington, DC 20004
(202) 637-5534
trey.hanbury@hoganlovells.com


Ms. Jennifer Hindin
Partner
Wiley Rein, LLP
1776 K Street, NW
Washington, DC 20006
(202) 719-4975
jhindin@wileyrein.com





Mr. Paul Kirsch
Partner
Shopoff Cavallo & Kirsch LLP
601 Montgomery Street, Suite 1100
San Francisco, CA 94110
(415) 984-1975
paul@scklegal.com


Mr. Phillip Spector
Of Counsel
Milbank Tweed
1850 K. Street, NW
Suite 1100
Washington, DC 20006
(202) 835-7540
pspector@milbank.com
(Note: Mr. Spector is former General Counsel of Intelsat and former head of Paul Weiss’s communications practice)


Mr. Marty Stern
Partner
K&L Gates
1601 K Street, NW
Washington, DC 20006
(202) 661-3700
marty.stern@klgates.com


Mr. Brian D. Weimer
Partner and Communications Practice Leader
Sheppard Mullin Richter & Hampton LLP
1300 I Street, N.W.
11th Floor East
Washington, DC 20005
(202) 469-4904
BWeimer@sheppardmullin.com


Updated August 2015