Skip to main content

How to Read Financial Statements 2012


Speaker(s): Ann Makich, Gopal M. Burgher, Mose (Chad) Rucker III, Sean Windsor
Recorded on: Mar. 27, 2012
PLI Program #: 35109

Sean Windsor is a Director in Houlihan Lokey's New York office, where he is a member of the Due Diligence Services practice. He has extensive experience as an advisor to corporations, private equity firms and other financial institutions in connection with Mergers and Acquisitions and various securities offerings. He has in-depth expertise in various corporate finance activities including due diligence services, financial analysis and capital structuring, accounting and auditing matters, valuation and SEC financial reporting regulations. 

Mr. Windsor has extensive experience in providing financial and operating transaction support including business enterprise valuations, identifying value drivers and deal breakers critical to the investment decision, capital allocation and acquisition structuring advice, quality of earnings and related cash flows assessments, quality of balance sheet, working capital, capital expenditure requirements, financing and negotiation strategies and purchase price allocations and related impairment reviews.  He is experienced in evaluating the impact of accounting policies, compliance with GAAP, financial reporting systems, internal controls reviews and quality of management observations.   

Mr. Windsor was previously a Senior Managing Director in FTI Consulting's Transaction Advisory Services group.  Prior to FTI, he was a Director at PricewaterhouseCoopers LLP in their Transaction Services practice.  In addition, he was an Investment Banker, an accounting manager in private industry and an auditor with PricewaterhouseCoopers LLP.  Accordingly, he has over twenty-five years of experience. 

Mr. Windsor is a member of both the New York and Texas State Societies of Certified Public Accountants.  He earned his MBA from New York University with a concentration in Finance and Entrepreneurship and his BA in Business Administration with a concentration in Accounting from Southern Methodist University. 


Ann Makich is a partner in Cahill's corporate practice group.

Ann's practice is principally focused on leveraged financings for acquisitions, recapitalizations and going­ private transactions. Her clients include leading investment banking firms and commercial banks. Ann

has represented underwriters, placement agents and initial purchasers in public and private high yield, investment grade and equity offerings and secured bank loans in a wide range of industries including media, telecommunications, manufacturing, retail and natural resources. 

Ann has been a panelist on the Practising Law Institute's Leveraged Financing program for several years, and will be a member of the 2015 program covering financing commitments and acquisition agreement terms. She also was a member of PLl's inaugural "How to Read Financial Statements" presentation in 2012, which has been repeated annually since that time. Ann has been consistently recommended as a leading corporate business lawyer by Chambers USA and The Legal 500.

Selected Matters:

  • Representation of Bank of America and other commercial banks in providing the $2.3 billion senior secured cred it facility in connection with the acquisition by Genesee & Wyoming Inc. of RailAmerica, Inc.
  • Representation of the lead arrangers in connection with a $6.5 billion senior unsecured interim loan and a $2.5 billion senior subordinated interim loan for the acquisition of First Data Corporation by KKR.
  • Representation of the initial purchasers in the $2.2 billion Rule 144A offering by First Data Corporation of high yield notes, the proceeds of which were used to repay a portion of the senior unsecured interim loans that funded part of the acquisition.
  • Ongoing representation of the lead arrangers in connection with securities offerings by First Data Corporation.
  • Ongoing representationof the underwriters in connection with securities offerings by Comcast Corporation.
  • Ongoing representation of the underwriters in connection with securities offerings by affiliates of Ventas, Inc., an S&P 500 company and the leading seniors housing and healthcare real estate investment trust in the United States. 
  • Ongoing representation of the initial purchasers in connection with securities offerings by DISH Network. 
  • Representation of the lead arrangers in connection with securities financings for QVC, Inc. 
  • Representation of Citigroup and the other lead arrangers in connection with the $2.0 billion senior secured term loan facility that provided a portion of the proceeds for the acquisition by KKR and Clayton, Dubilier & Rice of USFoods. 
  • Representation of Deutsche Bank and the other lead arrangers in connection with the senior secured term loan financing for the acquisition by Platinum Equity of BWAY Corporation.
  • Representation of Deutsche Bank and the other lead arrangers in connection with the senior secured term loan financing for the acquisition by TPG of Fleetpride Corporation.

Ann has practiced at Cahill since her graduation from Columbia Law School. She became a partner in 2005.


Gopal M. Burgher is a Partner of BurgherGray LLP. Gopal's principal areas of practice include capital markets and complex finance transactions (including structured products and derivatives), real estate and community development transactions, mergers, acquisition, and joint venture transactions as well as matters of a general corporate nature. In the capital markets and complex finance area, Gopal's experience covers a wide variety of public and private debt and equity transactions, including structured finance and securitization transactions (e.g., collateralized debt obligations, residential mortgage-backed securities, asset-backed securities, asset-based lending, and structured products and derivatives), senior/mezzanine lending, distressed debt investing, warehousing facilities, and public finance transactions, among others. In such transactions, he has represented a variety of transaction parties, including issuers, underwriters/initial purchasers, arrangers, investors, lenders, sponsors, liquidity and credit support providers, letter of credit providers, borrowers and other transaction parties.

Prior to joining BurgherGray LLP, Gopal was Counsel at McKee Nelson LLP (New York). Prior to joining McKee, Gopal was a senior attorney at Skadden, Arps, Slate, Meagher & Flom LLP (New York), where he practiced for approximately 10 years.

Gopal received his J.D. in 1997 from the New York University School of Law, where he was an Association of the Bar of the City of New York Fellow. He received a bachelor's degree in 1994 from The State University of New York, College at Fredonia, where he graduated magna cum laude. Gopal is a member of the Bar of the State of New York.


Mose (Chad) Rucker III is a Managing Director at Valuation Research Corporation (“VRC”).  Mr. Rucker heads VRC’s New York fairness opinion and solvency practice where he provides financial advisory services to leading private equity firms (such as Apollo Capital Management, the Carlyle Group, Warburg Pincus), family offices and founder-led companies.  Mr. Rucker has provided advisory services on over $250 billion of financial transactions.  Prior to joining Valuation Research Corporation, Mr. Rucker was a vice president of investment banking in the global power group at Citigroup in New York.  Mr. Rucker also served as a principal at Rucker Capital Advisors, LLC a private merchant bank that provides funding to venture stage and distressed companies.

Mr. Rucker earned a juris doctor from New York University School of Law, a Masters of Business Administration with a concentration in Finance from New York University’s Leonard N. Stern School of Business, and a Bachelor’s degree in Finance and Economics from Augusta State University.