Mr. Steffen holds over 30 years of experience as a financial advisor and expert witness to holders of interests and claims on matters of accounting, finance, valuation and solvency. Throughout the span of his career, he has consulted in mergers, acquisitions and restructurings amounting to upwards of $100 billion. As such, Mr. Steffen has applied his adaptable and creative approach to solving complex business problems in engagements across numerous industries including aerospace, automotive, consumer products, financial services, healthcare, pharmaceuticals, real estate, retail, technology and telecom. He has experience in special litigation committee service and has acted as the independent accounting expert in post-closing working capital disputes and the evaluation of asset acquisitions. Mr. Steffen has served as an expert witness with respect to a variety of issues including the interpretation of accounting principles, allocation of costs, specificity of merger synergies, actual and constructive fraudulent transfers and fair value – including before the Delaware Court of Chancery.
During his time at Province, Mr. Steffen has served as Financial Advisor to the Unsecured Creditors’ Committees of landmark cases, including Purdue Pharma, Ascena Retail Group and Eagle Hospitality Trust. He also served as Financial Advisor to the Committee of Opioid Related Creditors in Mallinckrodt PLC and as Financial Advisor to the Special Committee of the Board of Managers in Intelsat Envision Holdings, LLC. During a recent engagement, Mr. Steffen notably prepared an opinion outlining the solvency of an entity engaged in the commodity brokerage industry that was being restructured by means of a divisive merger.
Prior to joining Province, Mr. Steffen was a Senior Managing Director with B. Riley Financial and the Southeast Leader of the Financial Investigations & Dispute Advisory Services practice of RSM US, LLP. His other roles include Managing Director at Gavin / Solmonese, Principal and Director with Navigant Economics, LLC (formerly Chicago Partners), Partner at Bates White, LLC, Senior Consultant at the Antitrust, Finance and Damages Practice of the Economics and Policy Group of LECG, Inc., Manager of Acquisitions in Corporate Development for U.S. Generating, Inc. and Group Leader/Accountant and Auditor in Corporate Finance for Inland Steel Industries, Inc. Furthermore, Mr. Steffen has served as Senior Staff Member of the Office of Accounting & Financial Analysis of the Federal Trade Commission, Bureau of Competition. Within this role, he served as co-writer of the 1997 Merger Guideline revisions concerning merger-specific efficiencies, failing firm and failing division analyses, and testified in the first action in which the newly revised merger efficiency defense was litigated.
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