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Ms. Austin Smith specializes in M&A and bankruptcy disputes with subject matter expertise in valuation and credit and solvency analysis.

She provides testifying and consulting expert services in litigation matters related to mergers and acquisitions, dissenting shareholder actions, leveraged buyouts, recapitalization, debt recharacterization and avoidance actions. As representative engagements, Ms. Austin Smith has been retained as a solvency or valuation expert in connection with the bankruptcies of Lehman Brothers (on behalf of JPMorgan Chase), Caesars Entertainment Operating Company (on behalf of Apollo Global Management), Energy Future Holdings (on behalf of Wilmington Trust Company), and U.S. Steel Canada (on behalf of United States Steel). Ms. Austin Smith has also testified, on multiple occasions, as a valuation expert before the Delaware Court of Chancery on appraisal and other M&A litigation matters. In addition, she has been retained as a valuation expert in similar dissenting shareholder matters in New York.

Ms. Austin Smith has written a number of publications and presented on valuation and credit analysis, for organizations including the American Bar Association, the American Bankruptcy Institute, the National Conference of Bankruptcy Judges, the Delaware State Bar Association, Thomson Reuters, and Bloomberg Law. She is a contributing author to the Model Merger Agreement for the Acquisition of a Public Company, published by the ABA’s Mergers and Acquisitions Committee, and a contributing researcher to The Standard & Poor’s Guide to Fairness Opinions: A User’s Guide for Fiduciaries. She is Co-Chair of the American Bar Association Joint Task Force on M&A Litigation and is founder and former Co-Chair of the ABA Financial Advisor Task Force.

Ms. Austin Smith is also a member of the teaching faculty of Harvard University Extension School, where she teaches a graduate finance course and a faculty member of the American Bar Association’s National Institute of Negotiating Business Acquisitions.

Ms. Austin Smith serves on the Board of Directors for The Brattle Group.

Publications
Article
Valuation Analysis of Related-Party Transactions
March 2018
Published in the American Bankruptcy Institute (ABI) Journal, Vol. XXXVII, No. 3
Article
Snapshot of Delaware Public Company Appraisals Post-CKx
February 24, 2017
Published in Deal Points, Volume XXII, Issue 1 Winter 2017

This article discusses Delaware’s public company appraisals following the CKx decision, using specific examples to demonstrate that petitioners and respondents continue to assert widely divergent values in appraisal cases.

Article
The unaccounted cost of accounting – sounding terms in purchase agreements
December 2015
Published in the December 2015 issue of Financier Worldwide
Article
Delaware Appraisal Case Reaffirms Valuation Premium for S Corporations
September 15, 2015
Published in Deal Points
Article
Asset Value Trumps Discounted Cash Flow in Another Bankruptcy Valuation Dispute
July 29, 2014
Published by The Brattle Group, Inc.
Article
Rural Metro: Another Shackelton Expedition Falls Short of the Podium
March 2014
Published by The Brattle Group, Inc.
Article
Solvency Analysis in the Context of Fraudulent Transfer after Eleventh Circuit’s TOUSA Reversal
June 2012
Published in the American Bankruptcy Institute’s Business Reorganization Committee Newsletter
Article
Recent M&A Litigation Provides Updated Guidance for Fairness Opinions
April 2012
Published in Deal Points of the American Bar Association's M&A Committee
Book
Model Public Company Acquisition Agreement with Commentary (Contributing Author)
August 2011
Published by The Mergers & Acquisitions Committee of the American Bar Association
Article
Why Do Solvency Opinions Fail?
April 2011
Book
The Standard & Poor’s Guide to Fairness Opinions: A User’s Guide for Fiduciaries (Contributing Author)
2005
Published by McGraw Hill
News & Events
September 15, 2018
Yvette Austin Smith, Torben Voetmann, and Bin Zhou to Present at ABA Business Law Section Annual Meeting

Brattle Principals Yvette Austin Smith, Torben Voetmann, and Bin Zhou will speak at the American Bar Association (ABA) Business Law Section Annual Meeting, to be held September 13-15 in Austin, TX.

April 21, 2017
Yvette Austin Smith to Present at American Bankruptcy Institute’s Spring Meeting

Brattle Principal Yvette Austin Smith will present at the American Bankruptcy Institute’s (ABI) Annual Spring Meeting, “Engage, Enrich, Repeat,” taking place April 20-23, 2017 in Washington, DC.

February 24, 2017
Yvette Austin Smith Authors Deal Points Article on Delaware's Public Company Appraisals Post-CKx

Brattle Principal Yvette Austin Smith has authored an article discussing Delaware’s public company appraisals following the CKx decision, using specific examples to demonstrate that petitioners and respondents continue to assert widely divergent values in appraisal cases.

March 14, 2016
Yvette Austin Smith to Present on Structuring Transactions at VALCON 2016

Brattle Principal Yvette Austin Smith will present at VALCON 2016, “Emerging Valuation Issues in Bankruptcy and Beyond,” taking place March 14-16, 2016 in Las Vegas, NV.

March 01, 2016
Testimony of Brattle Principal Yvette Austin Smith Contributes to Win for United States Steel Corporation in Debt/Equity Classification of Intercompany Debt

The Ontario Superior Court of Justice recently ruled that financing provided by United States Steel Corporation (USS) to its subsidiary U.S. Steel Canada, Inc (USSC) was debt rather than equity.

December 09, 2015
Adoria Lim and Yvette Austin Smith Author Financier Worldwide Article on Accounting Terms in Purchase Agreements

Brattle principals Adoria Lim and Yvette Austin Smith recently authored the article “The unaccounted cost of accounting – sounding terms in purchase agreements,” published in the December 2015 issue of Financier Worldwide.

November 13, 2015
Yvette Austin Smith Presented at the American Bar Association’s 20th Annual National Institute on Negotiating Business Acquisitions

Brattle principal Yvette Austin Smith served as a member of the teaching faculty for the American Bar Association’s (ABA) “20th Annual National Institute on Negotiating Business Acquisitions,” that took place November 12-13, 2015 in South Beach, FL.

September 15, 2015
Brattle Authors Deal Points Article on Delaware Court’s Reaffirmation of S Corporations Valuation Premium

Brattle principals Yvette Austin Smith and Torben Voetmann and senior associate David McKnight recently co-authored an article in the American Bar Association’s Deal Points journal on a recent appraisal case in the Delaware Court of Chancery which reaffirmed that S corporations enjoy a valuation premium relative to C corporations.

July 13, 2015
Yvette Austin Smith and Brattle Team Prevail in DE Chancery Court Valuation Ruling

Brattle principal Yvette Austin Smith recently provided successful valuation testimony in a combined breach of fiduciary duty and appraisal matter before the Delaware Court of Chancery in the case Owen vs. Lynn Cannon et al.

July 09, 2015
Yvette Austin Smith to Speak on Complex Commercial Valuation Panel at the American Bankruptcy Institute’s 22nd Annual Northeast Conference

Brattle principal Yvette Austin Smith will participate in a panel discussion on complex commercial valuation at the American Bankruptcy Institute’s 22nd Annual Northeast Conference, taking place July 9-12, 2015 in North Falmouth, MA.

June 02, 2015
Yvette Austin Smith Featured in Financier Worldwide Article on Valuation Issues in Mergers and Acquisitions

Brattle principal Yvette Austin Smith recently participated in a panel discussion on valuation issues in mergers and acquisitions (M&A) for an article that appeared in the June 2015 issue of Financier Worldwide.

August 21, 2014
Testimony by Principal Bob Mudge Key to Ameren Win in $500 Million Rate Dispute Before Missouri Public Service Commission

Testimony provided by Brattle principal Bob Mudge underpinned key criteria cited by the Missouri Public Service Commission in a unanimous ruling against Ameren’s largest customer, Noranda Aluminum, Inc.

July 31, 2014
Yvette Austin Smith and Evan Cohen Co-Author Article on the Use of Net Asset Value in Bankruptcy Valuation Disputes

Brattle principals Yvette Austin Smith and Evan Cohen recently co-authored an article on bankruptcy valuation techniques in response to a July 2, 2014 U.S. Bankruptcy Court opinion in the Genco Shipping valuation trial.

Personal Interests

Yvette is a Board Member and Treasurer of Midori & Friends, an organization that provides music education programs to underserved children in New York City's public school system. She is also a Strategic Advisory Committee Member of the Appalachian Mountain Club.