GENE PHILLIPS

CEO, DIRECTOR, PF2 USA

Gene Phillips is the Chief Executive Officer at PF2. Gene was previously on the buy-side at a hedge fund within Citigroup Alternative Investments. He began his career in the Derivatives group at Moody’s Investors Service. Gene has written extensive research on debt and credit concerns, including on pricing, valuations, and damages theories; manipulation in the realm of corporate and structured finance securities; and whether credit ratings should be afforded First Amendment protections. His research and commentary has received numerous press citations in publications such as The Financial Times, New York Times, Wall Street Journal and BusinessWeek. Gene holds a BSc degree in mathematics and applied mathematics, and a BSc Hons degree in the Advanced Mathematics of Financial Derivatives, from the University of the Witwatersrand in South Africa.

"The assumptions that are the basis for Mr. Phillips’ analysis are clearly explained and appear to be reasonable, including reducing projected earnings at the outset to reflect the terminated contracts, assuming a growth rate based on annual increases from actual contracts, and based on the actual growth rate of mining personnel [...] in the same geographic area where Crusader operated, and adopting an earnings multiplier that appeared to be conservative. Although other valuation methodologies and other comparables at least in theory might have been used, this one had the benefit of being based on available data. Particularly, since Defendant had no criticism of Mr. Phillips’ estimate or his analysis, his expert opinion is sufficient to establish by a preponderance of the evidence that, but for Defendant’s unlawful bribe, Crusader’s residual business would have survived and had a value of $13,606,609 as of September 30, 2022."

— Trial judge, United States of America v. Glencore International A.G. (case no. 22-cr-297), in the Southern District of New York