Our Team

Search by name and keyword, or filter by team and location.
  • Mark W. Santarsiero
    CEO and President
    Marshall & Stevens, Inc. & MS Capital
  • John Agogliati, CFA, ASA
    Managing Director and National Practice Leader
    Dispute Resolution & Litigation Support and Fairness & Solvency Opinion
  • Gino Alosco
    Director
    Real Estate Valuation
  • Abdallah Alimirah, ASA
    Senior Manager
    Financial Valuation & Consulting
  • Mark W. Santarsiero

    Mr. Santarsiero serves as president and chief executive officer of Marshall & Stevens, an independent valuation services firm based in Los Angeles, California. Founded in 1932, Marshall & Stevens is a recognized leader in valuation services and is one of the oldest and most respected independent multi-disciplinary valuation firms in the U.S.

    Prior to his appointment as president and CEO, Mr. Santarsiero served as the corporate controller of a holding company that owned Marshall & Stevens. He also held other prominent roles within two major CPA firms where he worked with many closely-held companies in the area of audit, tax and management advisory services.

    Mr. Santarsiero earned an M.B.A. from the University of Southern California and a B.S. in accounting from the University of Scranton. He is a certified public accountant in Pennsylvania and California and is an active member in the AICPA, New Jersey and California CPA societies.

    John Agogliati, CFA, ASA

    Mr. Agogliati is Managing Director and Northeast Practice Leader of the Dispute Resolution & Litigation Support Practice of Marshall & Stevens.  Mr. Agogliati is an experienced valuation and financial analysis professional with extensive experience in dispute resolution and business valuation.  He has served as an expert witness in several matters involving bench trials, jury trials and panel arbitrations.  These matters involved business interruption, breach of contract, product liability, shareholder oppression, legal malpractice, and accountant malpractice, among other types.

    Regarding his valuation experience, Mr. Agogliati has performed valuations of closely-held companies, financial instruments, derivatives and complex assets for litigation, transaction, estate tax, gift tax and financial reporting purposes in a multitude of industries.

    Mr. Agogliati earned a Bachelor of Science in Chemical Engineering with an economics minor and a Master of Business Administration degree in Finance from Lehigh University.  Mr. Agogliati is a Chartered Financial Analyst (CFA®) Charterholder and an Accredited Senior Appraiser (ASA) in business valuation.   He is a member of the CFA Institute, the New York Society of Security Analysts and the American Society of Appraisers.
    Gino Alosco is a Director within the Real Estate Valuation Practice for Marshall & Stevens Incorporated. Working from our Los Angeles Office, he leads a team in the valuation of a variety of real property investments across the US. Mr. Alosco’s experience includes valuation and consulting for proposed and existing projects including hotel, medical office and other health care properties, industrial, multifamily, office, retail, self-storage, mixed-use, community facility properties, and vacant land. Analyses performed include lease valuations and rent studies. Mr. Alosco serves a variety of clients in the financial services, banking, insurance, legal and corporate development sectors. He is engaged to perform analyses for financing, financial reporting, tax reporting, wealth transfer, insurance placement, and buy/sell consideration. Prior to joining Marshall & Stevens, Mr. Alosco held a management position with the Fordham University Department of Transportation. Mr. Alosco a Bachelor of Science degree in Business Administration with a concentration in Finance and a Minor in Sustainable Business from Fordham University. He attends continuing education courses sponsored by the Appraisal Institute as well as professional real estate seminars and meetings. Mr. Alosco is a Candidate for Designation in the Appraisal Institute. Mr. Alosco is licensed as a Certified General Real Estate Appraiser in the State of Arizona, California, Colorado, and New York.

    Abdallah Alimirah, ASA

    Abdullah Alimirah, ASA, has been promoted to Senior Manager in the Financial Valuation and Consulting Practice. He is responsible for performing and managing valuations of businesses, debt and equity instruments, and intangible assets for financial reporting, estate and gift tax reporting, corporate tax reporting, litigation, and transaction advisory including fairness opinions.

    Since joining Marshall & Stevens in 2012, Abdullah has completed hundreds of valuation projects and has taken the lead on numerous complex equity structure valuations using sophisticated financial modeling. Before joining M&S, Abdallah was employed as a Valuation Consultant for Stern Brothers Valuation Advisors. His work at Stern Brothers primarily consisted of valuing banks including valuing loan portfolios, core deposits, CDs, and other intangible assets.

    Abdullah holds a Bachelor of Science degree in Finance from Purdue University. He has earned the ASA designation from the American Society of Appraisers.
  • Darleen Armour, ASA
    Managing Director
    Financial Valuation & Consulting and Energy & Infrastructure
  • Caroline Burnham
    Director
    Business Development
  • Connor Camp
    Assistant Director
    Business Development
  • Patrick Craig, MAI, MRICS
    Principal and National Practice Leader
    Real Estate Valuation
  • Darleen Armour, ASA

    Darleen Armour is a Managing Director for the Financial Valuation and Consulting practice with Marshall & Stevens Incorporated.

    Ms. Armour has been in the valuation business since 1987. Her experience includes valuation of businesses, intangible assets, and securities for financial reporting purposes (purchase price allocation and impairment), estate and gift tax reporting, deferred compensation/stock options (IRC 409A), fairness opinions, ESOPs, and litigation support. Ms. Armour specializes in the valuation of entertainment and media companies and their intangible assets including film libraries and music catalogs. Prior to joining Marshall & Stevens, Ms. Armour was a Director of BDO’s Valuation and Business Analytics practice, a Senior Vice President at FMV Opinions, Inc., a Principal at Cronkite & Kissell LLC and a Senior Vice President at Houlihan Lokey Howard & Zukin, Inc.

    Ms. Armour holds a Bachelor of Arts from California State University, Fullerton and a Masters of Business Administration from University of California, Los Angeles. She is an Adjunct Professor at California State University, Fullerton teaching Graduate Level Business Valuation/Mergers & Acquisition Course. Ms. Armour holds the designation of Senior Accredited Appraiser from the American Society of Appraisers. She is also on the Executive Committee of the Board for the Orange County Chapter of Association for Corporate Growth and is a member of the Membership Committee for the Los Angeles Chapter of the Association for Corporate Growth. Ms. Armour is also responsible for founding the Women’s Professionals Affinity Group for Business Forum International in both Los Angeles and Orange County.

    Caroline Burnham

    Caroline Burnham is a Director, Business Development working from the New York City office. Her responsibilities include leading the Northeast Region of Marshall & Stevens in their Sales and Marketing efforts. Ms. Burnham works with trusted advisors, investors, and corporations, both public and private, providing valuation and transaction advisory services related to mergers, acquisitions, divestitures, restructurings, financings and corporate tax matters, estate and gift tax reporting, insurance placement, and litigation support. Services provided include Fairness and Solvency Opinions, transaction consulting and the valuation of business enterprises, debt and equity instruments, intangible assets, real estate, and equipment. Ms. Burnham joined Marshall & Stevens in 2020. Before joining Marshall & Stevens, Ms. Burnham worked as a member of the sales team at SourceScrub, where she became a top selling business development representative and secured the largest sale the company had executed since inception. BS, Economic Statistics, and Minor in Marketing, Penn State University.
    Connor Camp is an Assistant Director for Business Development of Marshall & Stevens Incorporated, working from the Midwestern headquarters in Chicago, Illinois. His responsibilities include client relationship management in the Midwest Region of Marshall & Stevens and the firm’s Sales and Marketing efforts regionally. Mr. Camp works with trusted advisors, investors, and corporations, both public and private, providing valuation and transaction advisory services related to mergers, acquisitions, divestitures, restructurings, financings and corporate tax matters, estate and gift tax reporting, insurance placement, and litigation support. Services provided include Fairness and Solvency Opinions, transaction consulting and the valuation of business enterprises, debt and equity instruments, intangible assets, real estate, and equipment. Mr. Camp joined Marshall & Stevens in 2021. Before joining Marshall & Stevens, Mr. Camp worked for five years as an Air Defense Artillery Officer in the United States Army. He spent the entirety of his service working in defensive missile operations throughout South Korea and Japan. Connor has a BS of Finance from Pennsylvania State University.

    Patrick Craig, MAI, MRICS

    Download Contact (vCard)

    Mr. Craig serves as a managing director of Marshall & Stevens. In his capacity as managing director, he oversees the national Real Estate Valuation services. Mr. Craig also serves as chair of the firm’s Business Innovation Committee.

    Mr. Craig has over 30 years of experience with real estate business involving valuation of single assets or portfolios, serving clients in the financial services, banking, REIT, insurance, legal, accounting, audit, corporate, development, pension and asset management sectors. Prior to joining Marshall & Stevens, he led the northeast valuation practice for Colliers International. He also spent two decades with Cushman & Wakefield serving as co-leader of the Portfolio Valuation Group, chairman of the firm’s Business Innovation Committee, and member of the Global Business Initiatives Council.

    Mr. Craig earned his B.A. in economics from the University of Massachusetts, Amherst. He holds an MAI designation from the Appraisal Institute and an MRICS designation from the Royal Institute of Chartered Surveyors. Mr. Craig is a member of the Real Estate Board of New York, NCREIF, and the International Council of Shopping Centers. He is currently licensed as a Certified General Real Estate Appraiser in New York, New Jersey, Connecticut, Pennsylvania, Georgia, Florida, Michigan, Virginia, and Illinois.
  • Jim Daly
    Director
    Cost Segregation
  • Leo J. Dorsey, ASA
    Director
    Machinery & Equipment
  • Tyler Feld
    Senior Manager
    Energy & Infrastructure
  • Gregory Feldman
    Managing Director
    Business Development
  • Jim Daly is Director in the Cost Segregation Practice of Marshall & Stevens Incorporated. He is responsible for relationship management, project management and execution of cost segregation assignments for Marshall & Stevens.

    Jim Daly has spent decades in the commercial real estate, construction, and valuation industries. His cost segregation experience includes analyses of hospitality and gaming properties, corporate and commercial office properties, healthcare, multifamily, manufacturing, distribution, and industrial properties. Mr. Daly has played significant roles in the building of cost segregation practices at multiple firms. His practice leadership includes design, construction and maintenance of cost segregation models, relationship management, and staff training and management.

    Jim Daly started his Cost Segregation career at Arthur Andersen, LLP in 1998. He joined the Cost Segregation Practice at Marshall & Stevens in 2001 and stayed through 2007. He has also worked at CBRE and a regional accounting firm. He is a Marine Corps veteran.

    Bachelor of Science, Construction Management, California Polytechnic University, San Luis Obispo.

    Leo J. Dorsey, ASA

    Mr. Dorsey is a Director for Marshall & Stevens Incorporated, specializing in machinery, equipment and leasing valuations. Mr. Dorsey is an accredited senior appraiser (ASA) as conferred by The American Society of Appraisers with a designation in Machinery & Technical Specialties (MTS) - Machinery & Equipment.

    Mr. Dorsey was previously employed as a Vice President of Mesirow Financial Consulting (“MFC”) in Chicago for just under two years. Prior to joining MFC, Mr. Dorsey spent one year as a Managing Consultant for Navigant Capital Advisors, LLC; two years as a Senior Appraiser for Lease Valuation International, Inc., and prior to that he worked for American Appraisal Associates, Inc. for nearly 20 years, in a variety of positions in many departments; most recently, in the Structured Finance Group from 1998 to 2004, as a Senior Valuation Consultant and Middle Market Sales Manager. In these capacities, Mr. Dorsey was responsible for managing and performing valuation projects for the leasing industry, upgrading and expanding the Master Contract Program, and business development in the small and middle-ticket markets.

    Mr. Dorsey holds a Bachelor of Science degree in Architectural Engineering and an Associate in Applied Science degree, Architectural and Building Construction Engineering Technology, from the Milwaukee School of Engineering. Mr. Dorsey has also completed various continuing education courses as offered by the American Society of Appraisers and the Equipment Leasing and Finance Association.

    Tyler Feld

    Tyler Feld is a Senior Manager in the Energy & Infrastructure Practice of Marshall & Stevens Incorporated. Experience: Mr. Feld joined Marshall & Stevens in 2015. He is responsible for valuing renewable energy generation projects for financing purposes, as well as the valuation of equity investments for purchase and sale. Energy generation projects valued include residential, commercial and industrial, and utility scale solar energy generation projects, wind energy generation projects, and fuel cell projects. Tyler works closely with our Financial Valuation and Consulting Practice on financial reporting analyses for renewable energy generation clients. Employment: Tyler joined Marshall & Stevens in 2015 as an Associate in our New York office. He moved to the Los Angeles office in 2018. Education: MBA, University of Southern California, Bachelor of Arts, International Studies & Environmental Studies, Elon University.

    Gregory Feldman

    Greg Feldman is a Director with Marshall & Stevens, primarily covering the Southeast part of the United States. He also sits on the MS Capital mergers & acquisitions Team. His primary responsibilities include directing the Marketing and Business Development efforts in this territory, as well as the Relationship Manager with key clients and large scale or complicated projects.

    Greg joined Marshall & Stevens in 2010 and has been an integral part of the growth of the valuation practice in the Southeast. During his 30 year career, he has driven results in various successful business development and operational roles within a diverse group of industries. Prior to working within the Professional Services industry, Greg spent time in the Retail and Consumer Products industry and Printing, Fulfillment and Logistics with a global firm. Greg was successful in helping a Big 4 Accounting firm grow revenues and maximize client satisfaction within several practices including Tax, Audit and Assurance, and Advisory Services. Greg has spent many years working on large, challenging engagements and is adept at project management with complex implementations. Additionally, Greg has spent years understanding client needs and helping achieve a mutual set of goals.

    Greg holds a Bachelor of Science in Business Administration from the University of Florida. He has received extensive training in Sales, Sales Management, Negotiation, Project Management and overall Business Development. Greg is active on several boards including Bloomingdale Youth Sports Association and the Association of Corporate Growth serving as the Membership Committee Chair.
  • Emily Ferreira
    Director
    Real Estate Valuation
  • David Gaynor, ASA, CEIV
    Managing Director
    Financial Valuation & Consulting and Healthcare
  • Catherine Gu, MAI
    Senior Director
    Real Estate Valuation
  • Robert Kerslake
    February 1975 to March 8, 2021
  • Emily Ferreira is a Director within the Real Estate Valuation Practice for Marshall & Stevens Incorporated. She leads a team in the valuation of a variety of real property investments.

    Ms. Ferreira’s experience includes valuation and consulting for proposed and existing real estate projects including hotel, medical office, and other health care properties, industrial, multifamily, office, retail, self-storage, mixed-use, community facility properties, and vacant land. She has extensive experience valuing institutional assets and is an expert with discounted cash flow analyses. She serves clients in the pension, private equity, REIT, financial services, banking, insurance, legal and corporate development sectors. She is engaged to perform analyses for financing, financial reporting, tax reporting, wealth transfer, insurance placement, and buy/sell consideration.

    Ms. Ferreira earned a Bachelor of Arts degree in Mathematics with concentrations in Computer Science and Business Studies from New York University. She attends continuing education courses sponsored by the Appraisal Institute and professional real estate seminars. Ms. Ferreira is currently a Candidate for Designation in the Appraisal Institute. Ms. Ferreira is currently licensed as a Certified General Real Estate Appraiser in the State of New York.

    David Gaynor, ASA, CEIV

    David A. Gaynor, ASA, is a Managing Director in the New York Office Financial Valuation Practice and the Healthcare Valuation Practice of Marshall & Stevens Incorporated. Mr. Gaynor’s responsibilities include overseeing the delivery of valuation services to the Firm’s healthcare and financial valuation clients.

    Mr. Gaynor has more than 22 years of consulting experience, specializing in the valuation of businesses and business interests, intangible assets, liabilities, and complex securities in connection with mergers and acquisitions, financing, estate and gift tax planning, charitable contributions, litigation support services, strategic planning, fairness opinions, Employee Stock Ownership Plans (ESOPs), accounting matters, and recapitalizations. Mr. Gaynor has served clients in a wide variety of industries, including the healthcare, food & beverage, restaurant, consumer products, telecommunication and manufacturing industries.

    Prior to joining Marshall & Stevens, Mr. Gaynor led the Healthcare Valuation Group at Crowe, LLP. He has also been employed at CohnReznick, LLP and EisnerAmper, as well as Management Planning Inc. and Pluris Valuation Advisors, LLC.
    Mr. Gaynor earned a Bachelor of Science in Finance from The College of New Jersey in Ewing, NJ.

    Mr. Gaynor is an Accredited Senior Appraiser (ASA) in business valuation with the American Society of Appraisers. In addition, Mr. Gaynor is a Member of the Appraisal Issues Task Force (AITF), a Board Member of the Towson University Family Network, and a Member of the Montgomery Township, NJ Budget and Finance Committee. Mr. Gaynor is a frequent writer and speaker on valuation topics.

    Catherine Gu, MAI

    Ms. Gu is a Senior Director within the Real Estate Valuation Group for Marshall & Stevens Incorporated, working in the New York office on projects across the United States. Founded in 1932, Marshall & Stevens is a recognized leader in valuation services and is one of the oldest and most respected independent multi-disciplinary valuation firms in the U.S.

    Prior to joining Marshall & Stevens, Ms. Gu held a real estate appraisal internship position with LW Hospitality Advisors. Additionally, she has held various internship positions with Hilton Worldwide, Leading Hotels of the World, and Ritz-Carlton Hotels, in human resources, sales and marketing, and finance.

    Ms. Gu holds a Bachelor of Science in Hotel and Tourism Management with a concentration in Hotel Development from New York University. Ms. Gu is currently licensed as a Certified General Real Estate Appraiser in the State of New York, California, Maryland and Washington DC and currently holds the MAI designation from the Appraisal Institute.

    Robert Kerslake

    Robert “Bob” Kerslake joined Marshall & Stevens in February of 1975. He remained with us until his passing on March 8, 2021.

    Bob was initially hired for a business development role in Los Angeles. His career included a rise to President, CEO, and Chairman of the Board for Marshall & Stevens. As President and CEO, he led an employee buyout of Marshall & Stevens from Société Générale and carved a path for the company’s success. One of his many notable industry accomplishments was when he accepted an invitation in 1989 to testify about appraisal reform at the US Senate’s investigation of the Savings and Loan crisis.

    In additional to a successful professional career, Bob Kerslake was a force in the Los Angeles educational and Catholic philanthropic communities. He served for many years on the Boards of Regents of both Loyola High School and Loyola Marymount University, his alma maters, as well as on the Boards of St. Anne’s Maternity Home, St. Columbkille Catholic School, and St. Vincent’s Hospital and Meals on Wheels.

    Always ready to greet those he met with a handshake, a smile and a pleasant word, Bob will be remembered for his passion for excellence, his integrity, loyalty, and dedication to help those in need.
  • Simon Koo, CFA
    Manager
    Financial Valuation & Consulting
  • Steven R. LaMantia, ASA
    Managing Director
    Energy & Infrastructure
  • M. Christian Mitchell
    Principal and Vice Chairman
    Board of Directors
  • James Nutter, ASA
    Managing Director and National Practice Leader
    Energy & Infrastructure
  • Simon Koo, CFA, is a Manager in our New York Office Financial Valuation and Consulting Practice with a focus on valuing businesses, intangible assets, debt and equity positions for buy/sell considerations, fairness and solvency opinions, accounting and tax reporting, mergers and acquisitions, strategic planning, trust and estate planning, and financing purposes.

    Experience: Mr. Koo has extensive experience in the valuation of business enterprises, portfolio companies for private equity and business development companies, intangible assets and intellectual property, and complex securities, including debt, preferred stock, options and warrants, and contingent consideration using Monte Carlo Simulation and Option Pricing Model methodologies.

    Employment: Mr. Koo has more than 10 years of financial analysis, valuation, and advisory services experience serving clients in the technology, media, pharmaceutical and life sciences, health services, industrial products, retail and consumer products, and food and beverage industries. Prior to joining Marshall & Stevens, Mr. Koo was employed by PricewaterhouseCoopers, Grant Thornton, and RSM.

    Education: M.B.A., Fordham University; Bachelor of Arts, University of Massachusetts, Amherst.

    Professional Affiliations: Member of the CFA Institute and a Chartered Financial Analyst (CFA) charterholder.

    Steven R. LaMantia, ASA

    Mr. LaMantia is a Managing Director in the Structured Finance / Leasing Valuation Practice at Marshall & Stevens, Inc.  He is responsible for performing and managing business and asset valuation projects for mergers, acquisitions, and divestitures, financing/recapitalizations, financial accounting, tax reporting and consulting purposes.

    Mr. LaMantia has more than 30 years of valuation consulting experience. His experience base includes senior staff positions at large independent international valuation consulting firms. Mr. LaMantia’s experience includes the valuation of the debt and equity securities and tangible and intangible business assets of closely held and public corporations, partnerships, and individuals.

    Mr. LaMantia holds a Bachelor of Commerce degree with a Concentration in Finance from DePaul University (Chicago, Illinois).  Mr. LaMantia holds an ASA designation from the American Society of Appraisers, he is also an Accredited Senior Appraiser – Business Valuation.  He is a member of the Equipment Leasing Association Business Valuation Association

    See Steve's most recent publication Renewable Energy Facility Repowering

    M. Christian Mitchell

    Mr. Mitchell serves as vice chairman of the board of Marshall & Stevens. He has over 35 years of experience advising investors, federal regulatory agencies, senior management and corporate boards of directors on financial reporting, risk management, valuation, governance, regulation, capital markets and mergers and acquisitions.

    Mr. Mitchell previously served as a director for various firms, including Parsons Corporation, Western Asset Mortgage Capital Corporation, Grandpoint Capital, Reis, Inc., Stearn Holdings LLC, and the Special Values Opportunities Fund LLC – a registered investment fund managed by Tennebaum Capital Partners in Santa Monica. He is also a retired Deloitte senior partner that served as the national or regional managing partner for various practices, and was a founding member of the board of directors of Deloitte Consulting USA.

    Mr. Mitchell earned a B.S. in accounting summa cum laude from the University of Alabama. He has served as an adjunct professor of accounting at the University of Redlands, and is chairman of the National Association of Corporate Directors, southern California. In 2011 and 2012, Mr. Mitchell was named “One of the most 100 most influential people in corporate governance” by Directorship magazine.

    James Nutter, ASA

    Jim Nutter is a Managing Director and National Practice Leader with Marshall & Stevens Incorporated’s and serves as the national practice leader for Machinery & Equipment Valuation Services. Mr. Nutter has been actively involved in the Machinery & Equipment valuation and consulting profession for over 10 years. He is a specialist related to a great variety of machinery and equipment valuation opinions and uses including: leasing, highest and best use, fair value for financial reporting (purchase price allocation and impairment), corporate tax planning and reporting, consulting, management, financing, asset management, and economic life opinions experience which provides guidance to clients related to the maximization of portfolio ownership, usage, acquisition and disposition. His practice includes valuations of machinery various segments such as industrial properties, medical assets, power, oil & gas, municipal, communication and technological assets.

    Prior to working at Marshall & Stevens, Mr. Nutter was the President of Equipment Sales and Associate of Appraisals at Micor Media Group, a firm specializing in the valuation of professional audio & video assets.

    Mr. Nutter holds a Bachelor of Arts Degree in History and Political Science from Loyola University Chicago. Mr. Nutter is an Accredited Senior Appraiser of The American Society of Appraisers with a designation in Machinery & Technical Specialties - Machinery & Equipment. He is currently the Chair of Machinery & Technical Specialties for the Chicago Chapter of the American Society of Appraisers as well as Vice President of the Chicago Chapter.
  • Robert Owens, ASA
    Director
    Cost Segregation and Machinery & Equipment
  • Alexander Patras
    Vice President
    MS Capital
  • Jordan Santarsiero
    Vice President
    MS Capital
  • James Sieman, ASA
    Principal
    Financial Valuation & Consulting
  • Robert Owens, ASA

    Mr. Owens, ASA, is a Director for the Machinery and Equipment and Structured Finance practice at Marshall & Stevens Incorporated, specializes in the valuation of machinery, equipment and buildings.

    Active in the appraisal profession since his association with Marshall & Stevens in 1985., Mr. Owens’ experience includes providing cost segregation analyses for tax purposes. He has also prepared and supervised appraisals for the purpose of asset-based lending, mergers, acquisitions and divestitures, insurance, ad valorem, allocation of purchase price, impairment analyses, bankruptcy, litigation support, eminent domain and estate tax reporting. Mr. Owens has experience preparing valuations for companies in various industries, including, but not limited to: agriculture, automotive, educational and religious institutions, electronics, semiconductor and related technology industries, energy production and distribution, food and kindred products, hospitality and gaming, manufacturing, medical, pharmaceutical, research and development, water distribution and waste treatment.

    Mr. Owens attended Hillsborough Community College and Oglier Heavener School of Real Estate. He has completed numerous asset valuation courses offered by the American Society of Appraisers and the Uniform Standards of Professional Appraisal Practice. Accredited senior appraiser of the American Society of Appraisers. Certified in the discipline of machinery and equipment. Mr. Owens has also testified as an expert witness before the United States Bankruptcy Court.

    Alexander Patras

    Alex is Vice President of MS Capital and is involved in all aspects of deal execution. Alex handles valuation analyses for clients of national networks of insurance and financial planning agencies. Alex delivers continuous financial oversight support to clients and has trained and mentored dozens of analysts during his time with MS Capital. Having the opportunity to start his career with Marshall & Stevens in 2008 right after college, Alex continues to support the growth and success of MS Capital. Alex received his B.A. in Economics from the University of California, Irvine.

    Jordan Santarsiero

    Jordan is a member of MS Capital Investment Banking Group. Jordan is involved in new client development, managing all aspects of client transactions, the creation and delivery of valuation presentations, and is responsible for the development, training, and mentoring of analysts. Prior to joining MS Capital in 2017, Jordan was a Senior Associate with RSM in the Transaction Advisory Services department and a Senior Accountant with SingerLewak LLP. Jordan received a B.S. in Accounting from Loyola Marymount University. He holds the Certified Public Accountant designation (inactive).  He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

    James Sieman, ASA

    James Sieman serves as a Director and Principal in the Tampa office of Marshall & Stevens. Mr. Sieman oversees the project management of all valuation and consulting activity within the Southeast region.

    Active in the valuation profession since 1998, Mr. Sieman has provided financial valuation and consulting services to private sector clients and publicly traded companies in a broad range of industries as well as to government agencies. Areas  of  specialization  include  complex  valuation  studies  and  consulting  engagements  requiring  a financial  or  multidiscipline  approach  relating  to: Fairness  Opinions  for  Mergers & Acquisitions, Intellectual and Other Intangible Property for Allocation and Transfer Pricing,  Estate & Succession Planning, Employee Stock Ownership Plans (ESOPs), Stock Options, Warrants, SARS, etc., Recapitalizations and Equity Financing, Bankruptcy Reorganization, Divestitures, Litigation Support for Dissolutions, Stockholder Disputes and Ad Valorem, and SEC and IRS Compliance.

    Mr. Sieman received a B.S. degree in finance from Purdue University. In addition, he has attended numerous other educational seminars in valuation theory and practice. Mr. Sieman is an accredited senior appraiser (ASA) of the American Society of Appraisers.
  • John F. Spude, ASA
    Principal and National Practice Leader
    Financial Valuation & Consulting
  • Steven Susel
    Managing Director
    MS Capital
  • Ellie Tinoco
    Director
    Financial Valuation & Consulting
  • Douglas Van Wickler
    Senior Director
    Real Estate Valuation
  • JOHN F. SPUDE, ASA – EXECUTIVE MANAGING DIRECTOR AND PRINCIPAL

    Mr. Spude serves as an Executive Managing Director and Principal of Marshall & Stevens. In his capacity as Executive Managing Director, he oversees the Eastern Region operations for the firm, including the Chicago Office, and also runs the National Financial Valuation Practice.

    Active in the valuation profession since 1983, Mr. Spude has managed and performed thousands of valuation studies including the valuation of numerous closely-held companies and partnerships, the valuation and lifting of intellectual properties and intangible assets, the quantification of economic obsolescence in tangible asset valuations, and the analysis and valuation of reporting units, debt and equity securities, and tangible and intangible assets for financial reporting across multiple industries.

    Additionally, Mr. Spude has been an instructor of the Uniform Standards of Professional Appraisal Practice (USPAP). Mr. Spude has provided expert witness testimony in valuations and economic damage assessments in the states of Colorado, Florida, Illinois, Minnesota, Tennessee, and Texas.

    Mr. Spude earned an M.B.A. in accounting from DePaul University, and a B.A. in Mathematics and Business Administration from St. Norbert College. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers and a member of the Business Valuation Association.
    Steven A. Susel is a Managing Director of MS Capital, a subsidiary of Marshall & Stevens Incorporated. He works with both the ESOP Group and the Capital Markets Group within Marshall & Stevens to develop business opportunities and execute transactions. He specializes in evaluating and working with privately held companies and their management teams to achieve their corporate and personal objectives.

    Experience - Mr. Susel has been involved in the investment banking profession since 1993 in a number of positions. His experience in the merger & acquisition, venture capital, public market and ESOP areas resulted in extensive experience working with private companies to create liquidity and growth strategies. He also has extensive experience developing and executing marketing programs designed to develop business opportunities for his company. Presently, he is responsible for developing and executing ESOP opportunities for the company in the eastern United States as well as valuation assignments from M&S’s strategic relationships.

    Education - Mr. Susel received his B.A. and M.A. in Political Science from Case Western Reserve University and his M.B.A. from American University. He is a graduate of the Gilman School in Baltimore, MD.
    Ellie leads our New York Office Financial Valuation and Consulting Practice in the issuance of Fairness and Solvency Opinions, as well as the valuation of businesses, intangible assets, and debt and equity positions for buy/sell consideration, financial reporting, and tax planning and reporting. Ellie performs valuations for financial and tax reporting, mergers and acquisitions, strategic planning, trust and estate planning, and financing purposes. She has extensive experience in the valuation of business enterprises, debt and convertible debt instruments, intangible assets, trademarks and trade names, patents, technology licensing agreements and related contracts, complex securities, common stock, preferred stock, restricted stock units, performance-based shares, options and warrants (e.g. Black-Scholes Option Model).

    Prior to joining Marshall & Stevens, Ellie was employed by Arthur Andersen LLP, American Institute of Certified Public Accountants (“AICPA”), Deloitte & Touche LLP, BDO USA LLP and CohnReznick LLP. Ellie Tinoco has more than 18 years of valuation and advisory services experience serving clients in the renewable energy, technology, telecommunication, media, consumer products, food and beverage and life science industries.

    Ellie earned her Bachelor of Arts in Economics with a minor in Finance from Florida International University, and her Master’s Degrees in Finance and Financial Analysis from New York University.

    Douglas Van Wickler

    Mr. Van Wickler serves as a Senior Director of the Real Estate Valuation Group of Marshall & Stevens, Inc., an independent valuation services firm headquartered in Los Angeles, California.  Founded in 1932, Marshall & Stevens is a recognized leader in valuation services and is one of the oldest and most respected independent multi-disciplinary valuation firms in the U.S.  Based in New York, Mr. Van Wickler has extensive experience in the appraisal and review of proposed and existing real estate projects located throughout the United States, and has also appraised properties located in China, Japan, and Canada.

    Mr. Van Wickler entered the Real Estate Valuation business in 1986 after several years in mortgage banking and origination.  Prior to joining Marshall & Stevens in 2013, Mr. Van Wickler served as a senior appraiser on the staff of Diversified Valuation Group, a Real Estate Valuation firm specializing in all property types located throughout the City of New York.  He has also previously managed a successful private appraisal practice and held other prominent roles within Long Island, NY-based valuation firms.

    Mr. Van Wickler obtained his Bachelor of Arts Degree from the University of Richmond, VA in May, 1982.  He is currently licensed as a Certified General Real Estate Appraiser in the State of New York.
  • Matthew R. West, ASA
    Principal and National Practice Leader
    Energy & Infrastructure, Healthcare and Financial Valuation & Consulting
  • Matthew R. West, ASA, is Principal in Structured Finance, Healthcare and Financial Valuation for Marshall & Stevens Incorporated.  Mr. West specializes in the valuation of healthcare systems, business enterprises, and intangible assets including complex financial instruments and derivatives. Mr. West’s valuation analyses have been used for compliance and consulting purposes including: buy/sell consideration, purchase price allocation (FASB ASC 805), capital stock/stock option valuations (IRC 409A, FASB ASC 718), goodwill impairment (FASB ASC 350), estate and gift tax reporting, ESOP formation and reporting, and financial reporting of complex financial instruments including auction-rate securities (FASB ASC 820).  Mr. West has provided expert witness testimony in valuation and economic damage assessments on separate occasions in the states of Colorado and Oklahoma. Mr. West holds a Bachelor of Science degree in Business Administration and Finance from the University of Kansas in Lawrence, Kansas.   In addition, Mr. West earned a Master’s in Business Administration with an emphasis in Accounting and Taxation from St.  Louis University.  Mr.  West has also attended numerous educational seminars in valuation theory and practice during the course of his professional career.  Mr. West is an accredited senior member of the American Society of Appraisers (ASA), in the business valuation discipline and in intangible asset valuation.  He has also received a Certification of Completion, American Society of Appraisers— Advanced Multidisciplinary Healthcare Valuation Education Program.
  • Mark W. Santarsiero
    CEO and President
    Marshall & Stevens, Inc. & MS Capital
  • Mark W. Santarsiero

    Mr. Santarsiero serves as president and chief executive officer of Marshall & Stevens, an independent valuation services firm based in Los Angeles, California. Founded in 1932, Marshall & Stevens is a recognized leader in valuation services and is one of the oldest and most respected independent multi-disciplinary valuation firms in the U.S.



    Prior to his appointment as president and CEO, Mr. Santarsiero served as the corporate controller of a holding company that owned Marshall & Stevens. He also held other prominent roles within two major CPA firms where he worked with many closely-held companies in the area of audit, tax and management advisory services.



    Mr. Santarsiero earned an M.B.A. from the University of Southern California and a B.S. in accounting from the University of Scranton. He is a certified public accountant in Pennsylvania and California and is an active member in the AICPA, New Jersey and California CPA societies.


  • John Agogliati, CFA, ASA
    Managing Director and National Practice Leader
    Dispute Resolution & Litigation Support and Fairness & Solvency Opinion
  • John Agogliati, CFA, ASA

    Mr. Agogliati is Managing Director and Northeast Practice Leader of the Dispute Resolution & Litigation Support Practice of Marshall & Stevens.  Mr. Agogliati is an experienced valuation and financial analysis professional with extensive experience in dispute resolution and business valuation.  He has served as an expert witness in several matters involving bench trials, jury trials and panel arbitrations.  These matters involved business interruption, breach of contract, product liability, shareholder oppression, legal malpractice, and accountant malpractice, among other types.



    Regarding his valuation experience, Mr. Agogliati has performed valuations of closely-held companies, financial instruments, derivatives and complex assets for litigation, transaction, estate tax, gift tax and financial reporting purposes in a multitude of industries.



    Mr. Agogliati earned a Bachelor of Science in Chemical Engineering with an economics minor and a Master of Business Administration degree in Finance from Lehigh University.  Mr. Agogliati is a Chartered Financial Analyst (CFA®) Charterholder and an Accredited Senior Appraiser (ASA) in business valuation.   He is a member of the CFA Institute, the New York Society of Security Analysts and the American Society of Appraisers.

  • Gino Alosco
    Director
    Real Estate Valuation
  • Gino Alosco

    Gino Alosco is a Director within the Real Estate Valuation Practice for Marshall & Stevens Incorporated. Working from our Los Angeles Office, he leads a team in the valuation of a variety of real property investments across the US.

    Mr. Alosco’s experience includes valuation and consulting for proposed and existing projects including hotel, medical office and other health care properties, industrial, multifamily, office, retail, self-storage, mixed-use, community facility properties, and vacant land. Analyses performed include lease valuations and rent studies. Mr. Alosco serves a variety of clients in the financial services, banking, insurance, legal and corporate development sectors. He is engaged to perform analyses for financing, financial reporting, tax reporting, wealth transfer, insurance placement, and buy/sell consideration. Prior to joining Marshall & Stevens, Mr. Alosco held a management position with the Fordham University Department of Transportation.

    Mr. Alosco a Bachelor of Science degree in Business Administration with a concentration in Finance and a Minor in Sustainable Business from Fordham University. He attends continuing education courses sponsored by the Appraisal Institute as well as professional real estate seminars and meetings. Mr. Alosco is a Candidate for Designation in the Appraisal Institute. Mr. Alosco is licensed as a Certified General Real Estate Appraiser in the State of Arizona, California, Colorado, and New York.

  • Abdallah Alimirah, ASA
    Senior Manager
    Financial Valuation & Consulting
  • Abdallah Alimirah, ASA

    Abdullah Alimirah, ASA, has been promoted to Senior Manager in the Financial Valuation and Consulting Practice. He is responsible for performing and managing valuations of businesses, debt and equity instruments, and intangible assets for financial reporting, estate and gift tax reporting, corporate tax reporting, litigation, and transaction advisory including fairness opinions.



    Since joining Marshall & Stevens in 2012, Abdullah has completed hundreds of valuation projects and has taken the lead on numerous complex equity structure valuations using sophisticated financial modeling. Before joining M&S, Abdallah was employed as a Valuation Consultant for Stern Brothers Valuation Advisors. His work at Stern Brothers primarily consisted of valuing banks including valuing loan portfolios, core deposits, CDs, and other intangible assets.



    Abdullah holds a Bachelor of Science degree in Finance from Purdue University. He has earned the ASA designation from the American Society of Appraisers.

  • Darleen Armour, ASA
    Managing Director
    Financial Valuation & Consulting and Energy & Infrastructure
  • Darleen Armour, ASA

    Darleen Armour is a Managing Director for the Financial Valuation and Consulting practice with Marshall & Stevens Incorporated.



    Ms. Armour has been in the valuation business since 1987. Her experience includes valuation of businesses, intangible assets, and securities for financial reporting purposes (purchase price allocation and impairment), estate and gift tax reporting, deferred compensation/stock options (IRC 409A), fairness opinions, ESOPs, and litigation support. Ms. Armour specializes in the valuation of entertainment and media companies and their intangible assets including film libraries and music catalogs. Prior to joining Marshall & Stevens, Ms. Armour was a Director of BDO’s Valuation and Business Analytics practice, a Senior Vice President at FMV Opinions, Inc., a Principal at Cronkite & Kissell LLC and a Senior Vice President at Houlihan Lokey Howard & Zukin, Inc.



    Ms. Armour holds a Bachelor of Arts from California State University, Fullerton and a Masters of Business Administration from University of California, Los Angeles. She is an Adjunct Professor at California State University, Fullerton teaching Graduate Level Business Valuation/Mergers & Acquisition Course. Ms. Armour holds the designation of Senior Accredited Appraiser from the American Society of Appraisers.
    She is also on the Executive Committee of the Board for the Orange County Chapter of Association for Corporate Growth and is a member of the Membership Committee for the Los Angeles Chapter of the Association for Corporate Growth. Ms. Armour is also responsible for founding the Women’s Professionals Affinity Group for Business Forum International in both Los Angeles and Orange County.

  • Caroline Burnham
    Director
    Business Development
  • Caroline Burnham

    Caroline Burnham is a Director, Business Development working from the New York City office. Her responsibilities include leading the Northeast Region of Marshall & Stevens in their Sales and Marketing efforts.

    Ms. Burnham works with trusted advisors, investors, and corporations, both public and private, providing valuation and transaction advisory services related to mergers, acquisitions, divestitures, restructurings, financings and corporate tax matters, estate and gift tax reporting, insurance placement, and litigation support. Services provided include Fairness and Solvency Opinions, transaction consulting and the valuation of business enterprises, debt and equity instruments, intangible assets, real estate, and equipment.

    Ms. Burnham joined Marshall & Stevens in 2020.

    Before joining Marshall & Stevens, Ms. Burnham worked as a member of the sales team at SourceScrub, where she became a top selling business development representative and secured the largest sale the company had executed since inception.

    BS, Economic Statistics, and Minor in Marketing, Penn State University.

  • Connor Camp
    Assistant Director
    Business Development
  • Connor Camp

    Connor Camp is an Assistant Director for Business Development of Marshall & Stevens Incorporated, working from the Midwestern headquarters in Chicago, Illinois. His responsibilities include client relationship management in the Midwest Region of Marshall & Stevens and the firm’s Sales and Marketing efforts regionally.

    Mr. Camp works with trusted advisors, investors, and corporations, both public and private, providing valuation and transaction advisory services related to mergers, acquisitions, divestitures, restructurings, financings and corporate tax matters, estate and gift tax reporting, insurance placement, and litigation support.

    Services provided include Fairness and Solvency Opinions, transaction consulting and the valuation of business enterprises, debt and equity instruments, intangible assets, real estate, and equipment.

    Mr. Camp joined Marshall & Stevens in 2021. Before joining Marshall & Stevens, Mr. Camp worked for five years as an Air Defense Artillery Officer in the United States Army. He spent the entirety of his service working in defensive missile operations throughout South Korea and Japan.

    Connor has a BS of Finance from Pennsylvania State University.

  • Patrick Craig, MAI, MRICS
    Principal and National Practice Leader
    Real Estate Valuation
  • Patrick Craig, MAI, MRICS

    Download Contact (vCard)



    Mr. Craig serves as a managing director of Marshall & Stevens. In his capacity as managing director, he oversees the national Real Estate Valuation services. Mr. Craig also serves as chair of the firm’s Business Innovation Committee.



    Mr. Craig has over 30 years of experience with real estate business involving valuation of single assets or portfolios, serving clients in the financial services, banking, REIT, insurance, legal, accounting, audit, corporate, development, pension and asset management sectors. Prior to joining Marshall & Stevens, he led the northeast valuation practice for Colliers International. He also spent two decades with Cushman & Wakefield serving as co-leader of the Portfolio Valuation Group, chairman of the firm’s Business Innovation Committee, and member of the Global Business Initiatives Council.



    Mr. Craig earned his B.A. in economics from the University of Massachusetts, Amherst. He holds an MAI designation from the Appraisal Institute and an MRICS designation from the Royal Institute of Chartered Surveyors. Mr. Craig is a member of the Real Estate Board of New York, NCREIF, and the International Council of Shopping Centers. He is currently licensed as a Certified General Real Estate Appraiser in New York, New Jersey, Connecticut, Pennsylvania, Georgia, Florida, Michigan, Virginia, and Illinois.

  • Jim Daly
    Director
    Cost Segregation
  • Jim Daly

    Jim Daly is Director in the Cost Segregation Practice of Marshall & Stevens Incorporated. He is responsible for relationship management, project management and execution of cost segregation assignments for Marshall & Stevens.


    Jim Daly has spent decades in the commercial real estate, construction, and valuation industries. His cost segregation experience includes analyses of hospitality and gaming properties, corporate and commercial office properties, healthcare, multifamily, manufacturing, distribution, and industrial properties. Mr. Daly has played significant roles in the building of cost segregation practices at multiple firms. His practice leadership includes design, construction and maintenance of cost segregation models, relationship management, and staff training and management.



    Jim Daly started his Cost Segregation career at Arthur Andersen, LLP in 1998. He joined the Cost Segregation Practice at Marshall & Stevens in 2001 and stayed through 2007. He has also worked at CBRE and a regional accounting firm. He is a Marine Corps veteran.



    Bachelor of Science, Construction Management, California Polytechnic University, San Luis Obispo.

  • Leo J. Dorsey, ASA
    Director
    Machinery & Equipment
  • Leo J. Dorsey, ASA

    Mr. Dorsey is a Director for Marshall & Stevens Incorporated, specializing in machinery, equipment and leasing valuations. Mr. Dorsey is an accredited senior appraiser (ASA) as conferred by The American Society of Appraisers with a designation in Machinery & Technical Specialties (MTS) – Machinery & Equipment.



    Mr. Dorsey was previously employed as a Vice President of Mesirow Financial Consulting (“MFC”) in Chicago for just under two years. Prior to joining MFC, Mr. Dorsey spent one year as a Managing Consultant for Navigant Capital Advisors, LLC; two years as a Senior Appraiser for Lease Valuation International, Inc., and prior to that he worked for American Appraisal Associates, Inc. for nearly 20 years, in a variety of positions in many departments; most recently, in the Structured Finance Group from 1998 to 2004, as a Senior Valuation Consultant and Middle Market Sales Manager. In these capacities, Mr. Dorsey was responsible for managing and performing valuation projects for the leasing industry, upgrading and expanding the Master Contract Program, and business development in the small and middle-ticket markets.



    Mr. Dorsey holds a Bachelor of Science degree in Architectural Engineering and an Associate in Applied Science degree, Architectural and Building Construction Engineering Technology, from the Milwaukee School of Engineering. Mr. Dorsey has also completed various continuing education courses as offered by the American Society of Appraisers and the Equipment Leasing and Finance Association.

  • Tyler Feld
    Senior Manager
    Energy & Infrastructure
  • Tyler Feld

    Tyler Feld is a Senior Manager in the Energy & Infrastructure Practice of Marshall & Stevens Incorporated.

    Experience: Mr. Feld joined Marshall & Stevens in 2015. He is responsible for valuing renewable energy generation projects for financing purposes, as well as the valuation of equity investments for purchase and sale. Energy generation projects valued include residential, commercial and industrial, and utility scale solar energy generation projects, wind energy generation projects, and fuel cell projects. Tyler works closely with our Financial Valuation and Consulting Practice on financial reporting analyses for renewable energy generation clients.

    Employment: Tyler joined Marshall & Stevens in 2015 as an Associate in our New York office. He moved to the Los Angeles office in 2018.
    Education: MBA, University of Southern California, Bachelor of Arts, International Studies & Environmental Studies, Elon University.

  • Gregory Feldman
    Managing Director
    Business Development
  • Gregory Feldman

    Greg Feldman is a Director with Marshall & Stevens, primarily covering the Southeast part of the United States. He also sits on the MS Capital mergers & acquisitions Team. His primary responsibilities include directing the Marketing and Business Development efforts in this territory, as well as the Relationship Manager with key clients and large scale or complicated projects.



    Greg joined Marshall & Stevens in 2010 and has been an integral part of the growth of the valuation practice in the Southeast. During his 30 year career, he has driven results in various successful business development and operational roles within a diverse group of industries. Prior to working within the Professional Services industry, Greg spent time in the Retail and Consumer Products industry and Printing, Fulfillment and Logistics with a global firm. Greg was successful in helping a Big 4 Accounting firm grow revenues and maximize client satisfaction within several practices including Tax, Audit and Assurance, and Advisory Services. Greg has spent many years working on large, challenging engagements and is adept at project management with complex implementations. Additionally, Greg has spent years understanding client needs and helping achieve a mutual set of goals.



    Greg holds a Bachelor of Science in Business Administration from the University of Florida. He has received extensive training in Sales, Sales Management, Negotiation, Project Management and overall Business Development. Greg is active on several boards including Bloomingdale Youth Sports Association and the Association of Corporate Growth serving as the Membership Committee Chair.

  • Emily Ferreira
    Director
    Real Estate Valuation
  • Emily Ferreira

    Emily Ferreira is a Director within the Real Estate Valuation Practice for Marshall & Stevens Incorporated. She leads a team in the valuation of a variety of real property investments.



    Ms. Ferreira’s experience includes valuation and consulting for proposed and existing real estate projects including hotel, medical office, and other health care properties, industrial, multifamily, office, retail, self-storage, mixed-use, community facility properties, and vacant land. She has extensive experience valuing institutional assets and is an expert with discounted cash flow analyses. She serves clients in the pension, private equity, REIT, financial services, banking, insurance, legal and corporate development sectors. She is engaged to perform analyses for financing, financial reporting, tax reporting, wealth transfer, insurance placement, and buy/sell consideration.



    Ms. Ferreira earned a Bachelor of Arts degree in Mathematics with concentrations in Computer Science and Business Studies from New York University. She attends continuing education courses sponsored by the Appraisal Institute and professional real estate seminars. Ms. Ferreira is currently a Candidate for Designation in the Appraisal Institute. Ms. Ferreira is currently licensed as a Certified General Real Estate Appraiser in the State of New York.


  • David Gaynor, ASA, CEIV
    Managing Director
    Financial Valuation & Consulting and Healthcare
  • David Gaynor, ASA, CEIV

    David A. Gaynor, ASA, is a Managing Director in the New York Office Financial Valuation Practice and the Healthcare Valuation Practice of Marshall & Stevens Incorporated. Mr. Gaynor’s responsibilities include overseeing the delivery of valuation services to the Firm’s healthcare and financial valuation clients.



    Mr. Gaynor has more than 22 years of consulting experience, specializing in the valuation of businesses and business interests, intangible assets, liabilities, and complex securities in connection with mergers and acquisitions, financing, estate and gift tax planning, charitable contributions, litigation support services, strategic planning, fairness opinions, Employee Stock Ownership Plans (ESOPs), accounting matters, and recapitalizations. Mr. Gaynor has served clients in a wide variety of industries, including the healthcare, food & beverage, restaurant, consumer products, telecommunication and manufacturing industries.



    Prior to joining Marshall & Stevens, Mr. Gaynor led the Healthcare Valuation Group at Crowe, LLP. He has also been employed at CohnReznick, LLP and EisnerAmper, as well as Management Planning Inc. and Pluris Valuation Advisors, LLC.

    Mr. Gaynor earned a Bachelor of Science in Finance from The College of New Jersey in Ewing, NJ.



    Mr. Gaynor is an Accredited Senior Appraiser (ASA) in business valuation with the American Society of Appraisers. In addition, Mr. Gaynor is a Member of the Appraisal Issues Task Force (AITF), a Board Member of the Towson University Family Network, and a Member of the Montgomery Township, NJ Budget and Finance Committee. Mr. Gaynor is a frequent writer and speaker on valuation topics.

  • Catherine Gu, MAI
    Senior Director
    Real Estate Valuation
  • Catherine Gu, MAI

    Ms. Gu is a Senior Director within the Real Estate Valuation Group for Marshall & Stevens Incorporated, working in the New York office on projects across the United States. Founded in 1932, Marshall & Stevens is a recognized leader in valuation services and is one of the oldest and most respected independent multi-disciplinary valuation firms in the U.S.



    Prior to joining Marshall & Stevens, Ms. Gu held a real estate appraisal internship position with LW Hospitality Advisors. Additionally, she has held various internship positions with Hilton Worldwide, Leading Hotels of the World, and Ritz-Carlton Hotels, in human resources, sales and marketing, and finance.



    Ms. Gu holds a Bachelor of Science in Hotel and Tourism Management with a concentration in Hotel Development from New York University. Ms. Gu is currently licensed as a Certified General Real Estate Appraiser in the State of New York, California, Maryland and Washington DC and currently holds the MAI designation from the Appraisal Institute.

  • Robert Kerslake
    February 1975 to March 8, 2021
  • Robert Kerslake

    Robert “Bob” Kerslake joined Marshall & Stevens in February of 1975. He remained with us until his passing on March 8, 2021.



    Bob was initially hired for a business development role in Los Angeles. His career included a rise to President, CEO, and Chairman of the Board for Marshall & Stevens. As President and CEO, he led an employee buyout of Marshall & Stevens from Société Générale and carved a path for the company’s success. One of his many notable industry accomplishments was when he accepted an invitation in 1989 to testify about appraisal reform at the US Senate’s investigation of the Savings and Loan crisis.



    In additional to a successful professional career, Bob Kerslake was a force in the Los Angeles educational and Catholic philanthropic communities. He served for many years on the Boards of Regents of both Loyola High School and Loyola Marymount University, his alma maters, as well as on the Boards of St. Anne’s Maternity Home, St. Columbkille Catholic School, and St. Vincent’s Hospital and Meals on Wheels.



    Always ready to greet those he met with a handshake, a smile and a pleasant word, Bob will be remembered for his passion for excellence, his integrity, loyalty, and dedication to help those in need.

  • Simon Koo, CFA
    Manager
    Financial Valuation & Consulting
  • Simon Koo, CFA

    Simon Koo, CFA, is a Manager in our New York Office Financial Valuation and Consulting Practice with a focus on valuing businesses, intangible assets, debt and equity positions for buy/sell considerations, fairness and solvency opinions, accounting and tax reporting, mergers and acquisitions, strategic planning, trust and estate planning, and financing purposes.



    Experience: Mr. Koo has extensive experience in the valuation of business enterprises, portfolio companies for private equity and business development companies, intangible assets and intellectual property, and complex securities, including debt, preferred stock, options and warrants, and contingent consideration using Monte Carlo Simulation and Option Pricing Model methodologies.



    Employment: Mr. Koo has more than 10 years of financial analysis, valuation, and advisory services experience serving clients in the technology, media, pharmaceutical and life sciences, health services, industrial products, retail and consumer products, and food and beverage industries. Prior to joining Marshall & Stevens, Mr. Koo was employed by PricewaterhouseCoopers, Grant Thornton, and RSM.



    Education: M.B.A., Fordham University; Bachelor of Arts, University of Massachusetts, Amherst.



    Professional Affiliations: Member of the CFA Institute and a Chartered Financial Analyst (CFA) charterholder.

  • Steven R. LaMantia, ASA
    Managing Director
    Energy & Infrastructure
  • Steven R. LaMantia, ASA

    Mr. LaMantia is a Managing Director in the Structured Finance / Leasing Valuation Practice at Marshall & Stevens, Inc.  He is responsible for performing and managing business and asset valuation projects for mergers, acquisitions, and divestitures, financing/recapitalizations, financial accounting, tax reporting and consulting purposes.



    Mr. LaMantia has more than 30 years of valuation consulting experience. His experience base includes senior staff positions at large independent international valuation consulting firms. Mr. LaMantia’s experience includes the valuation of the debt and equity securities and tangible and intangible business assets of closely held and public corporations, partnerships, and individuals.



    Mr. LaMantia holds a Bachelor of Commerce degree with a Concentration in Finance from DePaul University (Chicago, Illinois).  Mr. LaMantia holds an ASA designation from the American Society of Appraisers, he is also an Accredited Senior Appraiser – Business Valuation.  He is a member of the Equipment Leasing Association Business Valuation Association



    See Steve’s most recent publication Renewable Energy Facility Repowering

  • M. Christian Mitchell
    Principal and Vice Chairman
    Board of Directors
  • M. Christian Mitchell

    Mr. Mitchell serves as vice chairman of the board of Marshall & Stevens. He has over 35 years of experience advising investors, federal regulatory agencies, senior management and corporate boards of directors on financial reporting, risk management, valuation, governance, regulation, capital markets and mergers and acquisitions.

    Mr. Mitchell previously served as a director for various firms, including Parsons Corporation, Western Asset Mortgage Capital Corporation, Grandpoint Capital, Reis, Inc., Stearn Holdings LLC, and the Special Values Opportunities Fund LLC – a registered investment fund managed by Tennebaum Capital Partners in Santa Monica. He is also a retired Deloitte senior partner that served as the national or regional managing partner for various practices, and was a founding member of the board of directors of Deloitte Consulting USA.

    Mr. Mitchell earned a B.S. in accounting summa cum laude from the University of Alabama. He has served as an adjunct professor of accounting at the University of Redlands, and is chairman of the National Association of Corporate Directors, southern California. In 2011 and 2012, Mr. Mitchell was named “One of the most 100 most influential people in corporate governance” by Directorship magazine.

  • James Nutter, ASA
    Managing Director and National Practice Leader
    Energy & Infrastructure
  • James Nutter, ASA

    Jim Nutter is a Managing Director and National Practice Leader with Marshall & Stevens Incorporated’s and serves as the national practice leader for Machinery & Equipment Valuation Services. Mr. Nutter has been actively involved in the Machinery & Equipment valuation and consulting profession for over 10 years. He is a specialist related to a great variety of machinery and equipment valuation opinions and uses including: leasing, highest and best use, fair value for financial reporting (purchase price allocation and impairment), corporate tax planning and reporting, consulting, management, financing, asset management, and economic life opinions experience which provides guidance to clients related to the maximization of portfolio ownership, usage, acquisition and disposition. His practice includes valuations of machinery various segments such as industrial properties, medical assets, power, oil & gas, municipal, communication and technological assets.



    Prior to working at Marshall & Stevens, Mr. Nutter was the President of Equipment Sales and Associate of Appraisals at Micor Media Group, a firm specializing in the valuation of professional audio & video assets.



    Mr. Nutter holds a Bachelor of Arts Degree in History and Political Science from Loyola University Chicago. Mr. Nutter is an Accredited Senior Appraiser of The American Society of Appraisers with a designation in Machinery & Technical Specialties – Machinery & Equipment. He is currently the Chair of Machinery & Technical Specialties for the Chicago Chapter of the American Society of Appraisers as well as Vice President of the Chicago Chapter.

  • Robert Owens, ASA
    Director
    Cost Segregation and Machinery & Equipment
  • Robert Owens, ASA

    Mr. Owens, ASA, is a Director for the Machinery and Equipment and Structured Finance practice at Marshall & Stevens Incorporated, specializes in the valuation of machinery, equipment and buildings.



    Active in the appraisal profession since his association with Marshall & Stevens in 1985., Mr. Owens’ experience includes providing cost segregation analyses for tax purposes. He has also prepared and supervised appraisals for the purpose of asset-based lending, mergers, acquisitions and divestitures, insurance, ad valorem, allocation of purchase price, impairment analyses, bankruptcy, litigation support, eminent domain and estate tax reporting. Mr. Owens has experience preparing valuations for companies in various industries, including, but not limited to: agriculture, automotive, educational and religious institutions, electronics, semiconductor and related technology industries, energy production and distribution, food and kindred products, hospitality and gaming, manufacturing, medical, pharmaceutical, research and development, water distribution and waste treatment.



    Mr. Owens attended Hillsborough Community College and Oglier Heavener School of Real Estate. He has completed numerous asset valuation courses offered by the American Society of Appraisers and the
    Uniform Standards of Professional Appraisal Practice. Accredited senior appraiser of the American Society of Appraisers. Certified in the discipline of
    machinery and equipment. Mr. Owens has also testified as an expert witness before the United States Bankruptcy Court.

  • Alexander Patras
    Vice President
    MS Capital
  • Alexander Patras

    Alex is Vice President of MS Capital and is involved in all aspects of deal execution. Alex handles valuation analyses for clients of national networks of insurance and financial planning agencies.

    Alex delivers continuous financial oversight support to clients and has trained and mentored dozens of analysts during his time with MS Capital. Having the opportunity to start his career with Marshall & Stevens in 2008 right after college, Alex continues to support the growth and success of MS Capital.

    Alex received his B.A. in Economics from the University of California, Irvine.

  • Jordan Santarsiero
    Vice President
    MS Capital
  • Jordan Santarsiero

    Jordan is a member of MS Capital Investment Banking Group. Jordan is involved in new client development, managing all aspects of client transactions, the creation and delivery of valuation presentations, and is responsible for the development, training, and mentoring of analysts.

    Prior to joining MS Capital in 2017, Jordan was a Senior Associate with RSM in the Transaction Advisory Services department and a Senior Accountant with SingerLewak LLP.

    Jordan received a B.S. in Accounting from Loyola Marymount University. He holds the Certified Public Accountant designation (inactive).  He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

  • James Sieman, ASA
    Principal
    Financial Valuation & Consulting
  • James Sieman, ASA

    James Sieman serves as a Director and Principal in the Tampa office of Marshall & Stevens. Mr. Sieman oversees the project management of all valuation and consulting activity within the Southeast region.



    Active in the valuation profession since 1998, Mr. Sieman has provided financial valuation and consulting services to private sector clients and publicly traded companies in a broad range of industries as well as to government agencies. Areas  of  specialization  include  complex  valuation  studies  and  consulting  engagements  requiring  a financial  or  multidiscipline  approach  relating  to: Fairness  Opinions  for  Mergers & Acquisitions, Intellectual and Other Intangible Property for Allocation and Transfer Pricing,  Estate & Succession Planning, Employee Stock Ownership Plans (ESOPs), Stock Options, Warrants, SARS, etc., Recapitalizations and Equity Financing, Bankruptcy Reorganization, Divestitures, Litigation Support for Dissolutions, Stockholder Disputes and Ad Valorem, and SEC and IRS Compliance.



    Mr. Sieman received a B.S. degree in finance from Purdue University. In addition, he has attended numerous other educational seminars in valuation theory and practice. Mr. Sieman is an accredited senior appraiser (ASA) of the American Society of Appraisers.

  • John F. Spude, ASA
    Principal and National Practice Leader
    Financial Valuation & Consulting
  • John F. Spude, ASA

    JOHN F. SPUDE, ASA – EXECUTIVE MANAGING DIRECTOR AND PRINCIPAL



    Mr. Spude serves as an Executive Managing Director and Principal of Marshall & Stevens. In his capacity as Executive Managing Director, he oversees the Eastern Region operations for the firm, including the Chicago Office, and also runs the National Financial Valuation Practice.



    Active in the valuation profession since 1983, Mr. Spude has managed and performed thousands of valuation studies including the valuation of numerous closely-held companies and partnerships, the valuation and lifting of intellectual properties and intangible assets, the quantification of economic obsolescence in tangible asset valuations, and the analysis and valuation of reporting units, debt and equity securities, and tangible and intangible assets for financial reporting across multiple industries.



    Additionally, Mr. Spude has been an instructor of the Uniform Standards of Professional Appraisal Practice (USPAP). Mr. Spude has provided expert witness testimony in valuations and economic damage assessments in the states of Colorado, Florida, Illinois, Minnesota, Tennessee, and Texas.



    Mr. Spude earned an M.B.A. in accounting from DePaul University, and a B.A. in Mathematics and Business Administration from St. Norbert College. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers and a member of the Business Valuation Association.

  • Steven Susel
    Managing Director
    MS Capital
  • Steven Susel

    Steven A. Susel is a Managing Director of MS Capital, a subsidiary of Marshall & Stevens Incorporated. He works with both the ESOP Group and the Capital Markets Group within Marshall & Stevens to develop business opportunities and execute transactions. He specializes in evaluating and working with privately held companies and their management teams to achieve their corporate and personal objectives.



    Experience – Mr. Susel has been involved in the investment banking profession since 1993 in a number of positions. His experience in the merger & acquisition, venture capital, public market and ESOP areas resulted in extensive experience working with private companies to create liquidity and growth strategies. He also has extensive experience developing and executing marketing programs designed to develop business opportunities for his company. Presently, he is responsible for developing and executing ESOP opportunities for the company in the eastern United States as well as valuation assignments from M&S’s strategic relationships.



    Education – Mr. Susel received his B.A. and M.A. in Political Science from Case Western Reserve University and his M.B.A. from American University. He is a graduate of the Gilman School in Baltimore, MD.

  • Ellie Tinoco
    Director
    Financial Valuation & Consulting
  • Ellie Tinoco

    Ellie leads our New York Office Financial Valuation and Consulting Practice in the issuance of Fairness and Solvency Opinions, as well as the valuation of businesses, intangible assets, and debt and equity positions for buy/sell consideration, financial reporting, and tax planning and reporting. Ellie performs valuations for financial and tax reporting, mergers and acquisitions, strategic planning, trust and estate planning, and financing purposes. She has extensive experience in the valuation of business enterprises, debt and convertible debt instruments, intangible assets, trademarks and trade names, patents, technology licensing agreements and related contracts, complex securities, common stock, preferred stock, restricted stock units, performance-based shares, options and warrants (e.g. Black-Scholes Option Model).



    Prior to joining Marshall & Stevens, Ellie was employed by Arthur Andersen LLP, American Institute of Certified Public Accountants (“AICPA”), Deloitte & Touche LLP, BDO USA LLP and CohnReznick LLP. Ellie Tinoco has more than 18 years of valuation and advisory services experience serving clients in the renewable energy, technology, telecommunication, media, consumer products, food and beverage and life science industries.



    Ellie earned her Bachelor of Arts in Economics with a minor in Finance from Florida International University, and her Master’s Degrees in Finance and Financial Analysis from New York University.

  • Douglas Van Wickler
    Senior Director
    Real Estate Valuation
  • Douglas Van Wickler

    Mr. Van Wickler serves as a Senior Director of the Real Estate Valuation Group of Marshall & Stevens, Inc., an independent valuation services firm headquartered in Los Angeles, California.  Founded in 1932, Marshall & Stevens is a recognized leader in valuation services and is one of the oldest and most respected independent multi-disciplinary valuation firms in the U.S.  Based in New York, Mr. Van Wickler has extensive experience in the appraisal and review of proposed and existing real estate projects located throughout the United States, and has also appraised properties located in China, Japan, and Canada.



    Mr. Van Wickler entered the Real Estate Valuation business in 1986 after several years in mortgage banking and origination.  Prior to joining Marshall & Stevens in 2013, Mr. Van Wickler served as a senior appraiser on the staff of Diversified Valuation Group, a Real Estate Valuation firm specializing in all property types located throughout the City of New York.  He has also previously managed a successful private appraisal practice and held other prominent roles within Long Island, NY-based valuation firms.



    Mr. Van Wickler obtained his Bachelor of Arts Degree from the University of Richmond, VA in May, 1982.  He is currently licensed as a Certified General Real Estate Appraiser in the State of New York.

  • Matthew R. West, ASA
    Principal and National Practice Leader
    Energy & Infrastructure, Healthcare and Financial Valuation & Consulting
  • Matthew R. West, ASA

    Matthew R. West, ASA, is Principal in Structured Finance, Healthcare and Financial Valuation for Marshall & Stevens Incorporated.  Mr. West specializes in the valuation of healthcare systems, business enterprises, and intangible assets including complex financial instruments and derivatives.

    Mr. West’s valuation analyses have been used for compliance and consulting purposes including: buy/sell consideration, purchase price allocation (FASB ASC 805), capital stock/stock option valuations (IRC 409A, FASB ASC 718), goodwill impairment (FASB ASC 350), estate and gift tax reporting, ESOP formation and reporting, and financial reporting of complex financial instruments including auction-rate securities (FASB ASC 820).  Mr. West has provided expert witness testimony in valuation and economic damage assessments on separate occasions in the states of Colorado and Oklahoma.

    Mr. West holds a Bachelor of Science degree in Business Administration and Finance from the University of Kansas in Lawrence, Kansas.   In addition, Mr. West earned a Master’s in Business Administration with an emphasis in Accounting and Taxation from St.  Louis University.  Mr.  West has also attended numerous educational seminars in valuation theory and practice during the course of his professional career.  Mr. West is an accredited senior member of the American Society of Appraisers (ASA), in the business valuation discipline and in intangible asset valuation.  He has also received a Certification of Completion, American Society of Appraisers— Advanced Multidisciplinary Healthcare Valuation Education Program.

back to top