Gilbert E. Matthews

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 from 1986 through 1995 and a Managing Director from 1985 (its incorporation) to 1986. He was a general partner of its predecessor partnership, Bear, Stearns & Co., from 1979, a limited partner from 1973 to 1979, and a vice president from 1969 to 1973. He was in the Corporate Finance Department from 1967 through 1995 and a security analyst from 1960 through 1967.

Mr. Matthews has more than 40 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 offerings of debt and equity, recapitalizations, financial restructurings, and international transactions. 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 in 1951 and an M.B.A. from Columbia in 1953. He is a member of the New York Society of Security Analysts and is a Chartered Financial Analyst.

Publications:

Book Chapters:

• "Fairness Opinions: Common Errors Omissions," 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:

• "Errors and Omissions in DCF Calculations: A Critique of Delaware's Dr Pepper Appraisal, "Business Valuation Update, October 2007.
• "Fairness in Delaware Freezeout Transactions: How Two Discrepant Legal Standards Affect Valuations" (with Michelle Patterson), Financial Valuation and Litigation Expert, August/September 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.
• "A Review of Valuations in Delaware Appraisal Cases, 2004-2005," Business Valuation Review, 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's 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.