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Dr. Dorobantu specializes in valuation and structured finance issues with a focus on international arbitration.

He has testified on damages in cases before the International Centre for the Settlement of Investment Disputes (ICSID), the International Chamber of Commerce (ICC), and the Permanent Court of Arbitration (PCA). Dr. Dorobantu has also advised clients in ICSID, London Court of International Arbitration (LCIA), and ICC arbitration proceedings, as well as in litigation cases in U.S. federal courts, state courts, and tax courts.

He has experience conducting complex discounted cash flow analyses, including building cash flow forecasts, estimating the impact of business and financial risks on cash flows and discount rates, and incorporating the value of real options in the valuation of long-lived assets. Dr. Dorobantu has performed valuation analyses in a variety of industries, including mining, oil & gas, financial services, large project engineering and construction, consumer goods, and business process outsourcing.

Dr. Dorobantu has worked closely with testifying experts on matters involving structured finance and asset-backed securities. In litigations stemming from the global financial crisis, he analyzed the mark-to-market value of leveraged loans and mortgage-backed securities in disputes between banks and investment funds, and analyzed the portfolio of a large hedge fund that collapsed following subprime mortgage-related losses. In tax-related litigations, he evaluated the economic substance of investment strategies involving foreign currency derivatives, cross-border leveraged leases, interest rate swaps and swaptions, and structured promissory notes.

Representative Engagements
Damages from expropriation of silver mining project

In an arbitration claim before the International Centre for the Settlement of Investment Disputes (ICSID), Bear Creek Mining claimed $522 million in damages from the revocation of its right to mine the Santa Ana project. Dr. Dorobantu and Brattle academic advisor Professor Graham Davis prepared an expert report on behalf of Peru evaluating the claimant’s damages analysis. Dr. Dorobantu’s expert report and testimony explained that the discounted cash flow (DCF) analysis used to value the Santa Ana project overstated the project’s fair market value. He also highlighted the inconsistency between the damages claim and Bear Creek’s pre-breach market capitalization.  Professor Graham and Dr. Dorobantu explained that the low market capitalization was consistent with a high likelihood that the company would fail to obtain the social license to operate the project because of strong community and social opposition. The Tribunal awarded Bear Creek less than 5% of the amount calculated by the claimant’s experts, finding that “there was little prospect for the Project to obtain the necessary social license to allow it to proceed to operation.”

Damages from cancellation of nuclear power plant construction project

Dr. Dorobantu served as damages expert on behalf of Atomstroyexport JSC (ASE) in a commercial arbitration against Natsionalna Elektricheska Kompania, the Bulgarian national electricity company. In joint testimony with Brattle Principal M. Alexis Maniatis, Dr. Dorobantu quantified damages to ASE – the designer and main contractor for the construction of the Belene nuclear power plant project – from the delay and eventual cancellation of the construction project. The Tribunal rendered a decision in favor of ASE and awarded damages in excess of €600 million based on Brattle’s quantum analysis.

Valuation of copper-gold mining project

Dr. Dorobantu led a Brattle team supporting academic advisor Professor Graham Davis in Tethyan Copper Company v. Islamic Republic of Pakistan. Tethyan, a joint venture of Barrick Gold and Antofagasta, brought a claim against the Pakistani government for denial of a mining license for the Reko Diq copper/gold deposit, one of the world’s largest. The Brattle team worked with Professor Davis to implement the “modern DCF” valuation, also known as a real-options approach, which is particularly well-suited to valuing long-lived extractive sector assets. In a 600-page decision that adopted the modern DCF method, the Tribunal awarded Tethyan $5.9 billion in compensation. This is one of the largest ICSID awards on record and the largest investment arbitration award in the mining industry.

Testimony
Bear Creek Mining Corporation v. Republic of Peru, International Centre for the Settlement of Investment Disputes, Case No. ARB/14/21. Expert report and testimony assessing damages from the alleged unlawful expropriation of a silver mining project in Peru.
September 2016
Confidential administrative proceedings between a national pension fund regulatory agency and pension fund investment managers. Expert reports analyzing the economic rationale for certain transactions in Government securities.
September 2016
South American Silver Limited (Bermuda) v. The Plurinational State of Bolivia, Permanent Court of Arbitration, Case No. 2013-15. Expert report and testimony assessing damages from the alleged unlawful expropriation of a silver mining project in Bolivia.
July 2016

Confidential arbitration before the International Court of Arbitration of the International Chamber of Commerce. Expert report and testimony on the quantum of damages arising from the cancellation of a nuclear power plant construction project.

September 2014
Publications
Article
A Framework for Interest Awards in International Arbitration
July 04, 2018
Published in the Fordham International Law Journal, Vol. 41, Issue 4
Article
Valuing Natural Resources Investments
2018
Published in Contemporary and Emerging Issues on the Law of Damages and Valuation in International Investment Arbitration

Brattle Principals Richard Caldwell, Darrell Chodorow, and Florin Dorobantu have authored a chapter exploring the issues that arise in quantum analysis for natural resources investments matters for a new book.

Report
Country Risk and Damages in Investment Arbitration
November 27, 2015
Florin Dorobantu, M. Alexis Maniatis, and Natasha Dupont
Published in the ICSID Review: Foreign Investment Law Journal
Article
Public Trust, the Law, and Financial Investment
June 2009
Bruce Ian Carlin, Florin Dorobantu, and S. Viswanathan
Published in The Journal of Financial Economics
News & Events
August 28, 2020
Who's Who Legal Recognizes 15 Brattle Economists as Leading Consulting Experts

Who’s Who Legal has recognized 15 Brattle economists as leading consulting experts in its global guides for: Competition Economists, Construction – Quantum & Delay, Financial Advisory and Valuation – Corporate Tax Experts, and Financial Advisory and Valuation – Quantum of Damages.

June 09, 2020
Brattle Arbitration Experts to Discuss the Potential for Arbitration Due to Tariff Reform in the Ukraine

Brattle Principals Richard Caldwell and Florin Dorobantu will join an Arzinger webinar to discuss “Green Energy in Ukraine: Game Change for Ones, Game Over for Others?” taking place on June 9 at 9:30 a.m. (ET)/4:30 p.m. (EEST).

February 13, 2020
Who's Who Legal Recognizes Florin Dorobantu and Graham Davis as Mining Industry Experts

Who’s Who Legal has recognized Principal Florin Dorobantu and Brattle Academic Advisor Graham Davis as leading experts in the mining field for 2020.

November 19, 2019
Florin Dorobantu to Speak on New Valuation Methods at Damages in International Arbitration Conference

Brattle Principal Florin Dorobantu will speak on new valuation methods at the 8th Annual Damages in International Arbitration Conference: Traditional vs. Non-Traditional Approaches, Emerging Trends, Methods, and Techniques, which will be held November 19 at Baker McKenzie’s New York office.

August 06, 2019
Who's Who Legal Recognizes Brattle Economists as Leading Consulting Experts

Who’s Who Legal has recognized 13 Brattle economists as leading economic consulting experts in the global guides for Competition Economists, Construction – Quantum & Delay, Data and E-Discovery, and Financial Advisory and Valuation – Quantum of Damages.

April 09, 2019
Who's Who Legal Recognizes Brattle Principals for their Work in Arbitration

Who’s Who Legal has recognized eight Brattle principals as leading experts and one Brattle principal as a future leader in the arbitration field for 2019. 

March 28, 2019
Who's Who Legal Recognizes Brattle Principal and Academic Advisor for their Work in Mining

Who’s Who Legal has recognized Brattle Principal Florin Dorobantu and Brattle Academic Advisor Graham Davis as leading experts in the mining field for 2019.

February 26, 2019
Florin Dorobantu and Graham Davis to Present at SME Annual Conference

Brattle Principal Florin Dorobantu and Academic Advisor Graham Davis will speak at the Society for Mining, Metallurgy, and Exploration (SME) Annual Conference, to be held February 24-27 in Denver, CO. 

July 31, 2018
Who's Who Legal Identifies Brattle Economists as World's Leading Experts in Consulting

Who’s Who Legal recognized twelve Brattle economists as leading economic consulting experts in the areas of competition, construction, financial advisory and valuation, quantum of damages, and data and e-discovery.

June 04, 2018
Brattle Principals Examine Issues in Valuing Natural Resources Investments

Brattle Principals Richard Caldwell, Darrell Chodorow, and Florin Dorobantu have authored a chapter exploring the issues that arise in quantum analysis for natural resources investments matters for a new book, Contemporary and Emerging Issues on the Law of Damages and Valuation in International Investment Arbitration.

January 19, 2018
The Brattle Group Introduces Its Newest Experts

The Brattle Group is pleased to introduce the seven exceptional experts who became Brattle principals over the past year.

July 06, 2017
Brattle Announces Promotion of Florin Dorobantu to Principal

The Brattle Group is pleased to announce the promotion of Florin Dorobantu to principal. Dr. Dorobantu specializes in valuation and structured finance issues with a focus on international arbitration.

June 28, 2016
David McKnight and Florin Dorobantu to Present During Live Webcast on Fair Value Accounting

Brattle Senior Associates David McKnight and Florin Dorobantu will present during The Knowledge Group’s live webcast, “Fair Value: Friend or Foe?,” on June 28, 2016, from 3:00 pm - 5:00 pm EST.

December 10, 2015
Brattle Economists Publish Paper on the Impact of Country Risk on Damages in Investment Arbitration in the ICSID Review: Foreign Investment Law Journal

Brattle economists recently addressed the impact of country risk on the quantum of damages in investment arbitration.

June 16, 2015
Brattle Principal Michael Cragg's Testimony Contributes to Finding on Government Treatment of AIG

In the recently released decision from the United States Court of Federal Claims, Judge Wheeler sided with Brattle client Starr International Co. Inc., finding that that the Federal Reserve overstepped its authority by taking 79.9 percent of AIG’s equity as a condition of its loan to AIG. This element of the decision echoed testimony of Brattle principal Dr. Michael Cragg, which was restated in the opinion.