Strategic Advisory for American Savings Bank

In January 1994, my group was engaged by Robert Bass' Keystone Partners to evaluate their investment in California company, the culminating point of a five-year banking relationship. Keystone Partner however, engaged Goldman Sachs as co-advisor, thereby infuriating the Lehman team. We swore to keep control of the valuation process by solely handling the modeling work including complex simulations and projections, which I was solely responsible for. I quickly drafted a couple of pages that I distributed to both teams. Overnight, the Goldman team reproduced them line by line and sent them directly to the client as their work. It was a great strike against our team. I decided to design a completely different model, and to draw upon the information that I could gather from a long and fruitful client relationship with Lehman Brothers. I convinced the senior vice president, vice president and associate who had covered the company for years to pass on their knowledge, persuaded them to be available for 36 hours straight to answer all my questions, and for four more hours to be trained by me on the model. I designed a 23 page model, stuffed with information, that we presented to the 42 person working team, gathered at our request. The presentation, led by myself for technical explanations and the senior vice president for strategic conclusions, was a great success. The Goldman Senior Partner, recognizing the "excellency" of our model, proposed that I remain in charge of "all the number".

I value this experience because I gained respect from the senior executives at all three firms. But most of all, although one of the most junior banker, I was able to inspire a cohesive spirit to our team in pursuing our goal to produce a high quality presentation.

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