Summary of our Expert Work
Recent Court Cases
Civil Damages
Civil Fraud
Condemnation
Contract Breach
Contract Dispute
Criminal Theft |  | Derivative Shareholder
Malpractice
Matrimonial
Paternity
Personal Injury
Wrongful Termination |
Sample Cases
The following examples are just a few of the situations in which we have analyzed financial documents and provided expert witness testimony related to business interruption, hidden assets searches, lost profits and damage claims. We have also assisted with performing business and property valuations and designing forensic audit programs.
- A manufacturing company retained Michaelson & Co. to determine the propriety of a lost profits claim made by one of its subsidiaries. Shipments of raw materials to the subsidiary had been suspended due to contract disputes within the company. Our examination of the accounting records and production capabilities of the subsidiary revealed that the calculation of loss could not be supported. (Plant capacity needed to be twice the existing capacity in order for the subsidiary's claims to be viable.) Based on Michaelson's calculations and analysis, the parent company settled the claim and saved approximately $500,000.
- A commercial enterprise had its franchisee unjustly removed and asked Michaelson & Co. to calculate the damages suffered in connection with a business interruption lawsuit. Our calculations and subsequent court testimony successfully demonstrated that the company suffered lost profit damages in excess of $6,500,000 as a result of the business interruption.
- In a legal malpractice case, Michaelson & Co. was asked to determine the extent of damages involving a trustee who had acted improperly on behalf of a family trust. Through forensic financial analysis, we documented damages in excess of $650,000. Testifying on behalf of the insurance company, we were able to reduce the agency's proposed liability by approximately $350,000 (down from $1,000,000 requested by the insured).
- During a hidden asset search in a divorce case, Michaelson & Co. discovered undisclosed foreign bank accounts, diversion of funds to secondary companies and underreported income on tax returns. The client settled for over $250,000 and alimony.
- Michaelson & Co. was employed by a commercial enterprise to determine the extent of embezzlement committed by an employee. Our financial analysis helped to obtain an insurance payment of $100, 000 (the policy limit) on the $147,000 theft. The information also assisted with criminal prosecution of the perpetrator.
Listing of Published Articles
For a copy of any of the following articles, please e-mail or call (800) 905-7206.
The Florida CPA Today, the magazine of the Florida Institute of CPAs, published "Commercial Damage Theory and Taxation" (May 1997) and "Advocacy and the Different Roles of Experts" (February/March 1996).
The Journal of Accountancy, the national magazine of the American Institute of CPAs and foremost publication in the field of accounting, published "Divorce: A Game of Hide and Seek?" (March 1996). The article discusses forensic accounting strategies for divorce cases.
The Practical Accountant, a national accounting magazine, published "In Search of Hidden Assets" (February 1995). The article was subsequently reprinted in the Arizona Fraud Line, the newsletter of the Arizona Chapter of the Association of Certified Fraud Examiners. The article appears in a series of monthly newsletters beginning with the June 1995 issue.
The CPA Litigation Services Counselor, a national newsletter distributed to senior level partners of CPA firms across the country, published "Strengthen Your Practice by Becoming a Financial Detective" (Part I, June 1996; Part II, July 1996).
On Point, a national newsletter for attorneys developed by the professional association of Accounting Firms Associated, published "Ten Questions a Lawyer Should Ask When Choosing a Financial Expert" (Winter 1998).
On Point, published "How CPA's Can Help in the Discovery Process" (Spring 1997).
On Point, published "Effective Financial Exhibits for the Courtroom" (Winter 1997).
On Point, published "How to Increase the Profitability of Your Law Firm" (Fall 1996).
On Point, published "Discovering Hidden Assets in Divorce Cases" and the case study "Forensic Accounting Reveals Wife's Secret Account" (Summer 1996).
On Point, published "Two Different Roles: Consulting Experts vs. Testifying Experts" and "Six Tips for the Testifying Expert" (Winter 1996).
The Palm Beach County Bar Association Bulletin, published "Prevent Costly Errors by Improving Financial Management Practices" (November 1995). This article was the first article by a C.P.A. to appear in the Bulletin.
Managers Report, writes a monthly column for the national trade journal. The column addresses accounting issues important to the effective management of condominium and homeowner associations (July 1994 to present).
How to contact us. . .
| Address: | 1655 Palm Beach Lakes Boulevard |
| The Forum - Suite 710 |
| West Palm Beach, Florida 33401 |
| Phone: | 561.683.6800 or 800.905.7206 |
| Fax: | 561.471.1443 |
| E-mail: | info@michaelsoncpa.com |
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