Business Valuation, Forensic Accounting and Damages Expert Witness, Arbitrator and Advisor. Senior Managing Director, Disputes & Economics - Valuation & Transaction Disputes.
John Levitske provides business valuation, forensic accounting, purchase price analysis and dispute resolution services in complex commercial situations. He testifies as an independent expert witness in disputes, both domestic litigation and international arbitration, regarding issues of valuation, finance, damages or accounting (e.g., GAAP). He also acts as a neutral expert determiner or neutral arbitrator, and advises clients in mediations and negotiations. He is frequently consulted regarding business disputes, shareholder disputes, bankruptcy and M&A transaction disputes (such as appraisal rights, breach of representations & warranties, lost profits, benefit of the bargain, dissent & oppression, business divorce, fraudulent conveyance & preference, alter-ego, reorganization value, working capital & earnouts).
He has over 30 years of experience, with nearly 25 years of Big Four public accounting and international consulting firm experience. His expert work includes jury and bench trials (in-person and virtual), mediations and arbitrations (e.g., LCIA, UNCITRAL, ICC, SCC, AAA, JAMS, FINRA and ad hoc).
John is a Senior Managing Director in Ankura's Disputes & Economics practice, based in Chicago. He is the founder of Ankura's Business Valuation Dispute Analysis service line and a member of Ankura's M&A Transactions Disputes services team. He attained advanced academic degrees in both business administration and law, plus several professional certifications in business valuation, finance and accounting (CPA/ABV/CFF/CGMA, ASA, CFA, CFLC, CIRA, MBA, JD), and holds Series 63 securities and 79 investment banking licenses.
He is a co-author of the “Business Divorce Litigation” chapter in the American Bar Association’s (ABA) “Recent Developments in Business and Corporate Litigation 2020,” “Managing Post-Merger & Acquisition Purchase Price Disputes” chapter in ABA’s “Alternative Dispute Resolution Handbook for Business Lawyers” and the “Internal Corporate Investigations” chapter in the ABA’s “Guide for In-House Counsel. In addition, he is national chair of the Dispute Resolution Committee of the Business Law Section of the ABA, a founding member of the Corporate Divorce & Complex Ownership Disputes Committee of the Chicago Bar Association, and a past national president of the Forensic Expert Witness Association. He was selected to “Who’s Who Legal: Consulting Experts, Financial Advisory and Valuation, Quantum of Damages" 2020 and 2019, and “Who’s Who Legal: International Arbitration Commercial Experts" 2011.
Also, John served as an accounting, finance, and auditing adjunct professor at both the University of Pittsburgh and Point Park University, as a national exam question writer for both the Uniform CPA Exam and the American Institute of Certified Public Accountants’ Accredited in Business Valuation Exam, as a member of the ABA's Standing Committee on Audit, plus the ABA Business Law Section’s Merger & Acquisitions Committee, Revised Model Asset Purchase Agreement Task Force and a contributing author of “MAC (Material Adverse Change) Briefs” for the M&A Jurisprudence Subcommittee.
John works across all industries. Examples of his professional experience include:
* Specialty chemicals manufacturing company.
* Medical device company during COVID-19 Pandemic and Recession.
* Quantification of breach of representations and warranties valuation damages in acquisition of a life sciences product manufacturing company.
* Whether the acquisition of a publicly-traded national retail industry company was at fair market value.
* Shareholder interests in a healthcare revenue consulting firm.
* Whether or not an appraisal report meets the requirements of a new intended use for retrospective quantification of damages regarding a transaction as of a prior date.
* National outpatient healthcare centers company at the time of its recapitalization.
* Merged housewares products companies.
* Foreign dairy food products company.
* Distressed public oil and gas company planning to exit bankruptcy as a private company.
* Regional insurance brokerage company.
* Private equity fund management company and investment holdings in portfolio companies.
* National video rental company.
* Commercial and industrial real estate investment and development company.
* Personnel recruiting firm.
* Oil & gas exploration/production company before and also during COVID-19 Pandemic and advent of Oil Price War.
* Ownership interest in an intellectual property royalty rights holding company.
* Profit sharing plan units of a medical supplies product company.
* Unrecorded and contingent international litigation portfolio liabilities of a foreign company acquired by a U.S. headquartered multi-national enterprise risk management software public company.
* Peri-operative nutrition products company.
* Multi-national medical devices company, facing contingent claims from newly-released information regarding surgery product defects.
* National freight logistics and shipping company.
* Portfolio of second-to-die life insurance policies.
* Evaluation of quantification of incurred net recoverable environmental costs damages.
* Quantification of breach of representations & warranties valuation damages for alleged failure to properly perfect a security interest for a commercial loan participation interest prior to an oil & gas company filing for bankruptcy.
* Evaluated seller’s assertions that “but for” undetected embezzlements, its specialty food products company would have been profitable, and determined whether the actual selling price of the capital stock of the private company to a buyer was below fair market value.
* Evaluated assertion by a plaintiff commodity trading firm that failure of the defendant customer to pay in full for purchased metals product caused the destruction of the value of the entire business.
* Evaluated assertion by former owner of the dealership that suspension of the dealership’s license by the manufacturer caused destruction of the value of the entire all-terrain vehicle dealership business.
* Quantified lost profits damages for breach of a contract to purchase a required number of products from a high-technology electronic component supplier pursuant to a “take or pay” agreement.
* Quantified disgorgement damages regarding the value of equity interests in a new securities trading firm received by a former executive of another company who took trade secrets from his former employer to the new company.
* Quantified benefit-of-the-bargain business valuation damages for an acquiring private equity fund that asserted that the target storage tank leasing company’s representation of its largest customer was false at the time of acquisition.
* Quantified benefit-of-the-bargain business valuation damages for an acquiring public company that asserted that the financial statements of the target polymers manufacturing company were misrepresented.
* Quantified misrepresentation valuation damages for a non-profit religious institution entity merged into another entity.
* Evaluated asserted cost of capital and loss of business opportunity damages claim related to an international/ foreign oil business venture partner’s alleged refusal to pay the other joint venture partner for certain development costs.
Forensic Accounting Expert
* Divestiture transaction by an oil products subsidiary of a public company.
* Alter-ego issues regarding an investment banking firm.
* Evaluation of material adverse change claims asserted by a public-company buyer who terminated the acquisition of a privately-owned financial services company.
* Investigated alleged alter-ego and lack of corporate separateness assertions involving a parent company, intermediate holding company, affiliates, and an acquired subsidiary of an oil company.
* Investigated cash transactions and foreign currency transactions of a global investment management company in the largest bankruptcy case in history.
* Investigated cash transactions between a hotel franchisee company and its affiliated companies.
* Investigated cash transactions involving a foreign parent company in the consumers products industry, intermediate U.S. holding company, and an acquired U.S. chemical manufacturing company.
* Investigated inventory accounting and existence, and assertions of undisclosed liabilities of a supply logistics company.
* Forensic accounting of whether closing a manufacturing plant by a global business aircraft manufacturing company and relocating the activities, to a combination of other owned plants and out-sourced subcontractors, actually saved costs.
Post-Closing Accounting Purchase Price Adjustments Expert
* Sale of a pharmaceuticals company.
* Acquisition of a health services provider company.
* Acquisition of a life sciences product manufacturing company.
* Acquisition of a foreign software services company.
* Acquisition of a polymers company.
* Divestiture of a foreign oil exploration company.
* Sale of a life sciences products company.
* Sale of a computer printer manufacturing company.
* Sale of an electronic fan manufacturing company.
* Sale of a computer manufacturing company.
Tax Controversy Matters
* Estimated the reasonable range of executive compensation from a business valuation and financial investor’s perspective of a provider of critical care nutrition products.
* Valuation of a equity interests in a non-marketable investment company holding stock in a public company
* Appointed business appraiser on a tribunal to determine the value of equity interests in entities owning golf & leisure properties.
* Neutral appointed business appraiser for mediation of equity interests in E-liquid vapor for E-cigarettes companies.
* Neutral arbitrator, appointed pursuant to a US Bankruptcy Court order, to appraise the fair market value of the business enterprise of a statewide off-track betting services and operations company.
* Neutral arbitrator, appointed ancillary to a civil litigation court case, to quantify earn-out accounting-based contingent additional purchase price amount in the acquisition of a national parking garage company.
* Neutral arbitrator, jointly-retained by both buyer and seller, to adjudicate disputes over the process for calculation of final closing balance sheet working capital of an acquired engineering, procurement and construction company which operates internationally.
* Neutral arbitrator, jointly-retained by both buyer and seller, to calculate final closing balance sheet working capital of an acquired cardboard packaging manufacturing company.
* Neutral arbitrator, jointly-retained by both parties, buyer and seller, to calculate final closing balance sheet working capital of an acquired group of regional medical surgery centers.
* Neutral arbitrator, jointly-retained by both buyer and seller, to calculate final closing balance sheet working capital of an acquired automotive parts manufacturing company operating in the U.S. and Mexico.
Contact: 312.252.9533; John.Levitske@Ankura.com
- Arbitration & Mediation
- Business Valuation
- Forensic Accounting
- Fraud Investigation
- Lost Profits
- Trade Secrets
- White Collar Crime
- Q: Please list your professional accreditations, degrees, licenses, and certificates granted:
- A: Certified Public Accountant (CPA), licensed in Illinois and Pennsylvania
Chartered Global Management Accountant (CGMA)
Chartered Financial Analyst (CFA)
Accredited in Business Valuation (ABV)
Accredited Senior Appraiser (ASA) in Business Valuation
Certified in Forensic Financial Analysis (CFF)
Certified Forensic Litigation Consultant (CFLC)
Certified Insolvency & Reorganization Advisor (CIRA)
Limited Representative, Series 79
Uniform Securities Agent, Series 63
Attorney & Counselor at Law (not active)
- Q: Please list your affiliations or memberships in any professional and/or industry organizations:
- A: American Institute of Certified Public Accountants
American Society of Appraisers
Association of Insolvency & Reorganization Advisors
American Bar Association
Chicago Bar Association
Forensic Expert Witness Association
Turnaround Management Association
- Q: Please list any teaching or speaking experience you have had, including subject matter:
- A: University of Pittsburgh
Point Park University
- COVID-19: Using Expertise in Merger & Acquisition Disputes in Changing Business Outlook
- Innovative Dispute Resolution: The Independent Accountant or Valuator as Arbitrator of Material Adverse Change and Reps & Warranties M&A Transaction Disputes
- The Independent Business Valuator as Advisor to the Mediator in Business Disputes
- John Levitske selected to Who's Who Legal: Consulting Experts 2020 - Financial Advisory & Valuation, Quantum of Damages
- Internal Investigations: An Introduction
- Internal Investigations: Outsourcing
- Contemporary Considerations for Drafting Buy-Sell and Valuation Provisions in Limited Liability Company Operating Agreements
References upon request.