Litigation Support & Expert Witness Services

Professional Qualifications

David Schutz has provided appraisal, consulting, litigation support, and expert witness services throughout the United States for attorneys, financial institutions, trustees, investors, government agencies, and courts. His experience includes federal and state court matters, estate and tax controversies, bankruptcy proceedings, regulatory issues, and complex appraisal disputes.

Representative qualifications include:

• More than four decades of appraisal, consulting, and expert witness experience
• Appraisal assignments involving more than 4,000 radio and television stations nationwide
• Communications tower and telecommunications infrastructure appraisal
• Testimony before the United States Congress on communications industry matters
• Consulting assignments for the U.S. Department of Justice, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency
• FCC trustee and regulatory assignments

Expert witness assignments have included communications tower structural failure cases involving some of the nation’s tallest towers.

This experience provides a practical understanding of how broadcast properties and communications towers are bought, sold, financed, regulated, operated, and appraised under a wide variety of market conditions.

Expert Witness Services

Effective expert testimony requires more than technical expertise. Complex appraisal and economic issues must be communicated clearly and objectively so judges, juries, attorneys, and other decision makers can understand both the methodology employed and the conclusions reached.

Assignments may include litigation consulting, expert reports, review of opposing expert opinions, deposition testimony, trial testimony, and other litigation-related services. Throughout his career, David Schutz has emphasized objective analysis, clear communication, and well-supported conclusions.

Business Appraisal Services

Many litigation matters involve questions concerning the fair market value of businesses, ownership interests, FCC licenses, and other intangible assets. Reliable business appraisal requires consideration of financial performance, market conditions, regulatory factors, contractual relationships, and future earnings potential.

HSMC performs business appraisals involving:

• Radio stations
• Television stations
• Communications towers
• FCC licenses and related intangible assets
• Estate and gift tax matters
• Partnership and shareholder disputes
• Bankruptcy, condemnation, and other litigation matters

Assignments may include independent appraisal reports, rebuttal analyses, litigation consulting, deposition testimony, and trial testimony.

Economic Damages & Lost Profits

Some litigation focuses on damages rather than value. These matters may involve lost profits, business interruption, diminished business value, lost revenue, breach of contract, or other economic damages.

Economic damages analysis requires both sound financial methodology and an understanding of the underlying communications business. Reliable conclusions require careful evaluation of historical operating performance, market conditions, causation, and reasonable expectations of future earnings.

Every assignment is based on accepted financial and business appraisal principles and the specific facts of the case.

Litigation Involving Radio Stations, Television Stations & Communications Towers

Broadcast businesses differ from most operating companies. Audience share, advertising revenue, FCC licensing, network affiliations, competitive conditions, ownership regulations, and comparable transactions all influence value and financial performance. Litigation involving radio station or television station appraisal benefits from decades of direct industry experience.

Communications tower appraisal extends well beyond traditional real estate analysis. Value is influenced by tenant leases, renewal probabilities, site control, zoning, replacement alternatives, and future leasing potential.

Independent Professional Analysis

Expert opinions must be objective, well-supported, and based on accepted business appraisal and economic principles. HSMC’s role is not to advocate for a particular outcome, but to provide independent professional analysis supported by the facts, available evidence, and sound methodology.