The following is a list of expert testimony J.B. Heaton has provided, including matters related to litigation claims valuation, settlement, corporate solvency, securities litigation, valuation, and cost of capital.
Expert Testimony on Litigation Analysis and Settlement
My testimony regarding litigation claims valuation and settlement is based on (1) my 18 years of litigation practice, including 14 years as a partner in the law firm Bartlit Beck LLP; and (2) my published research regarding settlement and the economics of litigation analysis and litigation funding.
In Re: Sanchez Energy Corporation, et al. Case No. 19-34508 (Bankr. S.D. Tex.)
Expert for Ad Hoc Group of Senior Secured Noteholders and DIP Lenders and DIP Agent concerning the value of a Section 550(a) cause of action related to lien avoidance at the Plan effective date for purposes for the purposes of allocating post-effective date equity in the reorganized debtor.
Deposition (February 14, 2023).
In Re: Aearo Technologies LLC, et al. 22-02890-JJG-11 (Bankr. S.D. Ind.)
Expert for Keller Postman LLC regarding the likely minimum value of claims against the Debtors and 3M Company given the evidence to date from bellwether trials in the Combat Arms Earplug Products Liability Litigation (No. 3:19-md-2885);
Deposition (August 13, 2022).
Preliminary injunction hearing (August 16, 2022).
Xerox Corp. v. Travelers Casualty and Surety Company of America (NY Supreme Court, 653549/2019)
Expert for Travelers regarding the reasonableness of a settlement entered into by Xerox and its directors with Carl Icahn and others.
Deposition (June 9, 2022).
Sean Rad v. IAC InteractiveCorp (NY Supreme Court, 0654038/2018).
Sealed affidavit for plaintiffs regarding a litigation finance agreement.
Expert Testimony on
Corporate Solvency
My testimony regarding corporate solvency is based on (1) my published research, including articles on corporate solvency cited by two federal courts of appeals and six federal district courts and bankruptcy courts; and (2) my litigation experience, which included numerous cases involving fraudulent transfers and other matters involving corporate financial distress.
I also have taught law and finance courses at the law schools of Northwestern University, Duke University, and the University of Chicago and the business schools of Duke University and the University of Chicago. Several of these courses have addressed bankruptcy issues in part. I was awarded the Excellence in Teaching Award in the Weekend Executive M.B.A. Program at Duke University’s Fuqua School of Business for my course, Corporate Restructuring.
In Re: Aearo Technologies LLC, et al. 22-02890-JJG-11 (Bankr. S.D. Ind.)
Expert for Keller Postman LLC regarding
(1) the likely minimum value of claims against the Debtors and 3M Company given the evidence to date from bellwether trials in the Combat Arms Earplug Products Liability Litigation (No. 3:19-md-2885);
(2) 3M’s ability to fund such claims from its existing free cash flow under its current dividend policy, its share repurchase practice, and its planned spinoffs; and
(3) the effect on 3M of an injunction preventing 3M from making asset transfers without consideration in the form of dividends, share repurchases, and spinoffs.
Deposition (August 13, 2022).
Preliminary injunction hearing (August 16, 2022).
Intelsat S.A., et al., 20-32299 (KLP) (Bankr. E.D. Va)
Expert for Jackson Crossover Group and the Jackson Unsecured Trustee regarding solvency analysis of Intelsat S.A.
Deposition (November 10, 2021).
Confirmation hearing (December 13, 2021).
Expert Analysis on Price Impact in Securities Litigation
My expert work in securities litigation is based on my published research in financial market evidence, including my 2015 article (co-authored with Alon Brav, professor of finance at Duke University), Event Studies in Securities Litigation: Low Power, Confounding Effects, and Bias, which has been cited by two federal courts of appeals and seven federal district courts.
In re Mattel, Inc. Securities Litigation, No. 219CV10860MCSPLA (C.D. Cal.).
Expert for defendants Mattel, et al. regarding lack of price impact.
Expert reports filed July 12, 2021 and September 1, 2021.
Other Expert Testimony:
Valuation and Cost of Capital
My research on valuation and cost of capital is based on my training as a financial economist.
CenterPoint Energy Res. Corp. v. Comm’r of Revenue, No. 9252-R and 9358-R (Minn. Tax)
Expert for the Commissioner of Revenue of the State of Minnesota on valuation and cost of capital.
Deposition (March 31, 2021).
Trial testimony (September 23-24, 2021).
CenterPoint Energy Res. Corp. v. Comm’r of Revenue, No. 9125-R (Minn. Tax)
Expert for the Commissioner of Revenue of the State of Minnesota on cost of capital.
Deposition and trial testimony.