About Mark Sarro Areas of Expertise Qualifications Contact Privacy |
Dr. Sarro's recent telecommunications experience includes: PCS License Valuations Mark has extensive experience spanning more than ten years in valuing PCS spectrum licenses. For example, he has been a consulting expert to the FCC/DOJ in several PCS bankruptcy cases, including the General Wireless, Pocket, NextWave, and other cases. The cases involved the fair market value of hundreds of C-Block PCS spectrum licenses under the constructive fraudulent conveyance rules of the bankruptcy code (i.e., whether the licenses were of substantially equivalent value when delivered at auction). Mark has worked with many experts in such cases on issues including auction efficiency, corporate strategy, corporate financing, DCF-based license values, and market-based valuations. He also advised Counsel leading up to, and at, deposition and trial. 218-219 MHz License Valuations Mark was the consulting expert in two cases involving the market value of 218-219 MHz licenses. Parties interested in organizing business ventures involving two-way television services had acquired these licenses at auction and in subsequent market purchases. They subsequently defaulted on the license payments. As debtors in federal bankruptcy court, they sought to have the value of the licenses lowered under a theory of constructive fraudulent conveyance. Mark performed the analysis in both cases on which the expert based his opinion of the licenses' fair market values. He also advised Counsel leading up to, and at, deposition prior to the dismissal of each case. Valuation of Cellular Service Provider Mark was the consulting expert in an appraisal rights case before the Delaware Chancery Court concerning the value of PCS and cellular licenses held by a wireless service provider. Minority shareholders of individual license companies that made up a larger multi-license corporation sought to have their minority rights valued as a pro-rata share of proceeds from a merger that followed the cash-out of the minority interests. Mark performed analyses in the case on which expert opinions were based regarding the wireless telephony industry, merger synergies, corporate strategy, minority discounts and license valuation. Anti-Competitive Practices Mark was the consulting expert in a case involving a cellular retailer in Ohio seeking damages for alleged excessive pricing of cellular airtime by major facilities operators. Mark worked with two experts in the case and performed analysis of economic damages based on a model of the market for cellular and wireless services which generated "but-for" pricing, lost profits, sales, and customers. Pricing and Cost of Utility Pole Attachments Regulated utilities believe their shareholders and rate payers suffer economic losses because attachers to utility poles, such as cable operators, DSL providers and competitive local exchange companies, receive a form of subsidy for high value-added Internet and similar services because the utilities are not allowed to charge market rates for pole attachments. Mark analyzed the costs and value of utility pole attachments to attachers. In a separate case, Mark analyzed the allocation of overhead expenses in determining pole attachment rates. His work was relied on in testimony before the FCC by an expert testifying on behalf of a large electric utility which owned a network of telephone poles. |
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