Gilbert E. Matthews

Curriculum Vitae

Mr. Matthews has more than 50 years of experience in investment banking, having worked with a wide variety of clients in mergers, acquisitions and divestitures, friendly and unfriendly tender offers, public and private offerings of securities, recapitalizations, bankruptcy and other financial restructurings, and international transactions.  Mr. Matthews joined Sutter Securities Incorporated in San Francisco as a Senior Managing Director in December 1995 and became Chairman in December 1997. 

From 1960 through 1995, Mr. Matthews was with Bear Stearns in New York.  He was a Senior Managing Director of Bear, Stearns & Co. Inc. and was a general partner of its predecessor partnership, Bear, Stearns & Co.  He was in the Corporate Finance Department from 1967 through 1995 and a security analyst from 1960 through 1967.  From 1970 through 1995, he was Chairman of Bear Stearns’ Valuation Committee, which was responsible for all opinions and valuations issued by the firm. 

Mr. Matthews received an A.B. from Harvard and an M.B.A. from Columbia, and is a Chartered Financial Analyst (CFA).  He has spoken on fairness opinions, valuations, and related matters before numerous professional groups, including the American Society of Appraisers, the American Bar Association Continuing Legal Education, the New York City Bar Association, the American Electronics Association, and The American College of Trust and Estate Counsel.  Mr. Matthews has written several book chapters and articles on fairness opinions, corporate valuations, and litigation relating to valuations.

PUBLICATIONS

Book Chapters

“Cost of Capital in Appraisal, Oppression and Fairness Cases,” in Cost of Capital in Litigation: Estimations and Examples, S.P. Pratt and R.J. Grabowski, eds. (John Wiley & Sons, 2010) [forthcoming].

"Implied Minority Discounts in Statutory Fair Value: The Doctrine that Just Won't Die" (with Michael L. Wachter), BVR’s Guide to Fair Value in Shareholder Dissent, Oppression, and Marital Dissolution, 2010 ed. (Business Valuation Resources, 2010).

“Fairness in Delaware Freezeout Transactions: How Two Discrepant Legal Standards Affect Valuations” (with Michelle Patterson), BVR’s Guide to Fair Value in Shareholder Dissent, Oppression, and Marital Dissolution, (Business Valuation Resources, 2008); reprinted from Financial Valuation and Litigation Expert, August/September 2007.

“Fairness Opinions: Common Errors and Omissions,” in The Handbook of Business Valuation and Intellectual Property Analysis, R. Reilly and R. Schweihs, eds. (McGraw Hill, 2004).

“Fairness Opinions,” in Business Valuations for the Legal Practitioner, American Bar Association Center for Continuing Legal Education, 2001.

“Fairness Opinions” (with M. Mark Lee), in The Handbook of Advanced Business Valuation, R. Reilly and R. Schweihs, eds. (McGraw Hill, 2000).

“Fairness Opinions & Common Stock Valuations” (with M. Mark Lee), in The Library of Investment Banking, R. Kuhn, ed. (Dow Jones Irwin, 1990).

Articles

“Misuse of Control Premiums in Delaware Appraisals,” Business Valuation Review, Summer 2008; reprinted in BVR’s Guide to Fair Value in Shareholder Dissent, Oppression, and Marital Dissolution, 2010 ed. (Business Valuation Resources, 2010).

“The Superiority of the Harmonic Mean as a Method for Averaging Multiples of Guideline Companies and Acquisitions,” Financial Valuation and Litigation Expert, June/July 2008.

“Errors and Omissions in DCF Calculations: A Critique of Delaware’s Dr Pepper Appraisal,” Business Valuation Update, October 2007.

“A Review of Valuations in Delaware Appraisal Cases, 2004–2005,” Business Valuation Review, Summer 2006.

“When Averaging Multiples, Apply the Harmonic Mean,” Business Valuation Update, June 2006.

“How Should Trapped-In Capital Gains Taxes Be Valued?” (with M. Mark Lee), Business Valuation Update, August 2004.

“Cede & Co. vs. Technicolor, Inc., Delaware Oldest Valuation Case,” Business Valuation Update, June 2004.

“CapX = Depreciation Is Unrealistic Assumption for Most Terminal Values,” Business Valuation Update, March 2002.

“Comments on the Reversal of Simplot,” Business Valuation Update, July 2001.

“Pitfalls in Fairness Opinion Valuations,” Judges & Lawyers Business Valuation Update, April 2001.

“Another View of Simplot,” Valuation Strategies, January/February 2000.

“Matthews Critiques Mercer's Simplot Case Review,” Business Valuation Update, July 1999.

“Delaware Court Adds Control Premium to Subsidiary Value: Hintmann v. Fred Weber, Inc.,” Business Valuation Update, May 1998.

“Delaware Court Relies on Comparable Acquisition Method: LeBeau v. M.G. Bancorporation, Inc.,” Business Valuation Update, March 1998.