2022 Year in Review
Welcome to the eighth edition of Ocean Tomo Insights, our weekly LinkedIn newsletter featuring unique insights from intellectual property experts at Ocean Tomo, a part of J.S. Held.
This week's newsletter features highlights from our 2022 Year in Review including the announcement of six Managing Directors joining Ocean Tomo’s IP Disputes practice, recognizing eight of our IP practice experts that were named among the world’s leading patent professionals, the IP Hall of Fame honoring James E. Malackowski, and Chicago’s most innovative companies of 2022.
The newsletter also covers an overview of lost profit damages in IP disputes by Garrett Glover, lost business profit damages claims by Michael Cordova, and insights gleaned from $1.5 Billion in IP transactions by Ryan Zurek.
In June, J.S. Held President and CEO Jon Held announced the formation of J.S. Held’s Intellectual Property (IP) Practice, which is a combination of the professionals from Ocean Tomo and IPFC and reports up through the firm’s Financial Investigations Division. The IP Practice is a core component of J.S. Held’s overall technical, scientific, and financial expertise and will operate in the market as Ocean Tomo, a part of J.S. Held. This announcement brings six managing directors to the Intellectual Property Disputes practice of Ocean Tomo as a result of our combination with IPFC through J.S. Held. The Houston-based IPFC experts provide forensic accounting, economic, valuation, and expert consulting services to law firms, corporations, educational institutions, government agencies, and individuals in the context of business transactions and disputed matters, including intellectual property infringement actions and commercial litigation. Like Ocean Tomo, the team provides opinions and expert testimony in courts and arbitration proceedings across the United States as well as foreign jurisdictions. They evaluate financial and economic damages in the form of lost profits, price erosion, reasonable royalties, convoyed sales, cost savings, feasibility of design around alternatives, unjust enrichment, and corrective advertising, among other areas. The experts also provide opinions and expert testimony in Section 337 investigations before the International Trade Commission, with a focus on economic domestic industry, remedy, bond, and public interest issues.?
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This article discusses lost profit damages, which are an evaluation of the additional profit the plaintiff would have made had the defendant not committed the alleged wrongful act. It also delves into the complexities of quantifying lost profit damages in disputes that involve claims pertaining to IP assets and the use of recognized frameworks such as the Panduit Factors. Check out the full article here to learn more about the key issues and methods used in quantifying lost profit damages in IP litigation.
Garrett Glover is a Director in the Intellectual Property Disputes Financial Expert Testimony practice of Ocean Tomo, a part of J.S. Held. He works in the firm’s Chicago headquarters, where he is responsible for quantifying economic damages arising from intellectual property disputes and providing general litigation support.
In June, eight Ocean Tomo IP disputes economic damages experts were named to the IAM Patent 1000, the “definitive ‘go-to’ resource for those seeking to identify world-class, private practice patent expertise and leading expert witnesses.”
According to IAM, 96 economic damages experts representing 28 firms were among the IAM Patent 1000 this year. Eight of the 96 experts are part of the intellectual property practice of J.S. Held. Recognized based on “feedback from peers and clients” is Andrew Carter, Cate Elsten, Dan Lindsay, James E. Malackowski, Michael Milani, Todd Schoettelkotte, Bryan Van Uden, and Shirley Webster.
IAM’s extensive research process yielded numerous acknowledgments from clients and peers for members of the Ocean Tomo IP Disputes team, including:?
Lost profit damages are calculated when a plaintiff’s business alleges the defendant’s actions impaired its operations in some manner. Determining lost revenues is a critical component in calculating lost profits.
This article discusses some of the most common methods used to calculate lost revenues and the importance of facts and data supporting such calculations. Check out the full article here to learn more.
Michael Cordova, MBA, CVA is an Assistant Vice President in J.S. Held’s Forensic Accounting/Economics/ Corporate Finance practice. With more than 15 years of experience, he specializes in the calculation of economic damages in complex commercial litigation and personal injury matters related to lost profits, business interruption, and business valuation. He also has a diverse professional background in marketing, operations, and entrepreneurship, providing him with specialized industry and functional knowledge.
Michael works with both plaintiff and defense law firms and has analyzed financial matters within hundreds of industries. He consults with businesses and provides expert testimony.
To view J.S. Held’s full library of 100+ thought leadership articles centered around risk & advisory, financial investigations, and technical topics, click here.
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In June, James Malackowski was recognized by the IP Hall of Fame for his work to establish IP as one of the key business assets of the 21st century. Along with Supreme Court Justice Stephen Breyer, Mr. Malackowski was chosen by the IP Hall of Fame Academy from a list of nominees put forward by the global IP community for induction into the IP Hall of Fame. The Academy further recognized Mr. Malackowski with the Q. Todd Dickinson Award, which honors industry leaders who have made significant contributions to IP as a business asset.
Mr. Malackowski joins a remarkable collection of luminaries who have been recognized by induction into the IP Hall of Fame, including:
Edward Coke, acclaimed as a key figure in the emergence of the modern free-market economy in England, author of the Statute of Monopolies of 1624, which provided the basis for the distinction between patents of invention and patents awarded by the sovereign.
Thomas Jefferson, Third US President, author of the first US patent law, and first head of the US Patent & Trademark Office (USPTO).
Thomas Edison, one of the greatest inventors and industrial leaders in history, holder of 1093 patents and credited with the first practical electrical lighting.
Randall R. Rader, Ocean Tomo Advisor and former Chief Judge of the United States Court of Appeals for the Federal Circuit.
In June, Ocean Tomo shared the updated performance of Ocean Tomo Transactions. Ocean Tomo serves as a trusted advisor to large and small operating company patent owners, successfully closing intellectual property (IP) transactions with a cumulative value exceeding $1.5 Billion.
As part of this announcement, we shared several observations on the IP transaction market. Notably, we are seeing a rapid expansion of global financial interest in IP-centric investing. The current market expansion represents a rapid maturation of investor understanding of IP, providing opportunities for liquidity across the investment horizon. We also see growing interest in IP as an investment strategy both within the US and in key European, Asian, and Middle Eastern markets.
Ocean Tomo Transactions, LLC, a part of J.S. Held, works closely with technology owners and corporations seeking to conduct M&A of high-value intellectual property driven businesses, patent portfolios, or proprietary technology solutions. Our track record, industry experience, and brand recognition are unique in the IP industry. The Transaction Advisory Practice is unique in its ability to integrate in-house experts: leading technologists, IP appraisers, intellectual property damage experts, and IP[1]focused investment bankers, to devise and execute complex IP-driven transactions. Each assignment benefits from lessons learned through a continually updated, best-in-class, cross-business unit approach.
Whether selling a business, division, or IP asset, the Ocean Tomo Advisory Services team brings a purpose-built continuum of proven solutions. Our pioneering market platforms, premiere decades-built IP network, and regular market engagement across transaction types and industries, shorten clients’ transaction cycle time.
Through the Ocean Tomo subsidiary, Ocean Tomo Investment Group, LLC (Member, FINRA: CRD#: 172912/SEC#: 8- 69526), we advise companies looking for non-traditional ways to approach their structural, capital, and strategic issues. Our focus includes Mergers & Acquisitions, Spin-Offs, Change of Control, and Leveraged Buyout transactions. We help companies access capital by deploying IP-centric strategies for asset-based lending, debt and equity financing, revenue factoring, and others.
Ryan Zurek is a Managing Director in the Investment Group of Ocean Tomo, a part of J.S. Held. Mr. Zurek leads the firm’s Advisory Services practice which is composed of IP Transaction Advisory, Investments, and non-securities Investment Banking. He holds the FINRA Series 7 and 63 licenses. He plays an integral role in all aspects of the firm’s investment banking and asset management initiatives, including facilitating IP-driven transactions, mergers and acquisitions, IP monetization strategies, financing and IP-based special situations investments.
Ocean Tomo, a part of J.S. Held, and Crain’s Chicago Business announce the 2022 edition of Chicago’s Most Innovative Companies.
Crain’s Most Innovative Companies list includes icons and startups that are employing artificial intelligence, LEDs, cloud computing, Big Data and the internet of things to reinvent themselves, adapt to changing needs or solve new problems.
Since 2012, Ocean Tomo has partnered with Crain’s Chicago Business, the top source of business news, analysis, and information for decision-makers in Chicago to develop the ranking of the Most Innovative Companies in Chicago.
Our ranking is based on the quality of patents awarded last year to Chicago companies. The patent quality study conducted for Crains highlights the level of innovation from a diverse set of companies in Chicago.
The Top Ten Most Innovative Companies of 2022 include: Narrative Science, Riddell, Lynk Labs, MemoryWeb, Suncoke Energy, Nucurrent, Weber, Pregis, Provisur Technologies, and RTC.
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