Long tenure, depth of experience, reliable judgment. These are the qualities that distinguish the senior financial professionals at Murray Devine. They are uniquely equipped to provide valuations that stand up to the most rigorous scrutiny. Click on the side menu to learn more about selected members of our team.
Dennis J. Murray
President
Dennis Murray is President and Co-founder of Murray Devine. Dennis’ responsibilities include the overall management of the firm including technical review, business development and new services. He is directly involved in and supervises the due diligence and analyses in connection with matters relating to financial valuations and financial opinions.
Dennis has over 25 years of experience in the valuation industry. In 1989, Dennis Murray and Frank Devine started Murray Devine. As well as managing day-to-day operations of the firm, Dennis has been active on the valuation side of the business managing valuation engagements of various debt and equity securities, private and public companies, and intangible assets across a broad range of industries. In addition, Dennis oversees the analyses of solvency and fairness opinions. Dennis has also been instrumental in building Murray Devine’s portfolio valuation business for private investment funds. Portfolio valuations include a wide array of securities—among them, warrants, subordinated debt, convertible preferred stock, and common stock.
Dennis is a graduate of Drexel University with a Bachelor of Science degree. He has lectured on issues relating to valuing tangible and intangible assets, solvency opinions and fraudulent conveyance matters. Based on his experience, Dennis is qualified as an expert witness for litigation support matters. He is an active member of various organizations and associations including the Association for Corporate Growth and the Philadelphia Estate Planning Council.
Francis X. Devine, CFA, CPA
Executive Vice President
Frank Devine is the Executive Vice President and Co-founder of Murray Devine. Frank’s responsibilities include engagement management, technical review and business and new service development. He is directly involved in and supervises the due diligence and analyses required in connection with matters relating to financial valuations, financial opinions and litigation engagements.
Frank has over 20 years of experience in the valuation industry. As well as managing day-to-day operations of the firm, Frank is active in managing valuation engagements of various debt and equity securities for private and public companies. In addition, Frank performs solvency and fairness opinion analyses and provides expert testimony on valuation issues in litigation matters. Frank’s experience spans across many industries including media, telecommunications, retail, medical & pharmaceutical, manufacturing, and financial services, to name a few. Frank has been instrumental in building Murray Devine’s portfolio valuation business assisting BDCs, CDOs, fund of funds and other financial firms that hold illiquid securities in complying with FASB ASC 820 Fair Value Measurements and Disclosures (formerly FAS 157).
Previously, Frank was a Senior Manager with Price Waterhouse's National Reorganization and Bankruptcy practice and a Manager with Coopers & Lybrand where he provided accounting and auditing services to a diverse client base.
Frank is both a Chartered Financial Analyst (CFA) and a Certified Public Accountant (CPA), and received a Bachelor of Science degree in Accounting from Villanova University.
Thomas J. Kenny, CPA/ABV, CMA
Senior Vice President
Tom Kenny, a Senior Vice President, joined Murray Devine in 1989. He conducts and manages valuation engagements for financial reporting purposes. In addition, Tom performs solvency and fairness opinion analyses and provides expert testimony on valuation issues in litigation matters.
Tom has diverse industry experience, with clients in publishing, food processing, retail, medical/pharmaceutical products, industrial products, technology and financial services, to name a few. He has been actively involved in the issuance of hundreds of solvency and fairness opinions for both private and publicly traded companies and has testified in U.S. District Court on solvency- and valuation-related topics. He also serves on the Appraisal Issues Task Force (AITF) a voluntary group of professional appraisers who wish to improve the practice of valuation. The AITF is designed to help establish and interpret existing rules. Further, it works with the FASB and the SEC to evaluate proposals and recommend methodology, assumptions and approaches on valuation issues related to fair value measurements including FASB ASC 350 (formerly FAS 142), FASB ASC 718 (formerly FAS 123(R)), FASB ASC 805 (formerly FAS 141(R)), and FASB ASC 820 (formerly FAS 157) .
Formerly, Tom was Manager of Treasury Analysis for Campbell Soup Company where his responsibilities included capital markets, acquisition analysis, capital structure analysis, and risk management. Prior to Campbell Soup, he was a Senior Financial Analyst with Aztar Corporation, a $1 billion hotel and gaming concern and also worked in public accounting.
Tom is a Certified Public Accountant (CPA) and Certified Management Accountant (CMA), and holds a Masters of Business Administration degree with a concentration in Finance from Temple University’s Fox School of Business. He is also Accredited in Business Valuation (ABV) by the American Institute of Certified Public Accountants, and has taught upper-level accounting and finance courses at Rowan University and Rutgers University.
Daniel M. DiDomenico III, CPA/ABV, CFA
Senior Vice President
Dan DiDomenico, a Senior Vice President, joined Murray Devine in 1995 and his responsibilities include the day-to-day management of valuation and financial opinion engagements.
With over 20 years of accounting and valuation experience, Dan has prepared valuations of business enterprises, debt and equity securities, and intangible assets for tax and financial reporting purposes. In addition, he has been involved with numerous financial opinions related to solvency, capital adequacy and fairness. Dan services clients across varied industries and also has significant experience in portfolio valuation services.
Prior to joining Murray Devine, Dan was a Senior Financial and Operations Auditor with United Technologies Corporation, and was also a member of the internal audit staffs of Bethlehem Steel Corporation and Foster Wheeler Corporation.
Dan received a Bachelor of Science degree in Business Administration and a Masters in Business Administration from Drexel University’s Bennett S. LeBow School of Business. Dan is also a Certified Public Accountant (CPA) with an Accreditation in Business Valuation (ABV) and holds the designation of Chartered Financial Analyst (CFA).
Stephen P. Davis
Vice President
Stephen Davis, a Vice President, joined Murray Devine in 1999. His responsibilities include the day-to-day management of financial opinion engagements as well as the preparation of business enterprise, intangible asset, and securities valuations.
Since his arrival at Murray Devine, Steve has conducted numerous business enterprise and securities valuations. Steve is also actively engaged in and oversees the financial analysis, research, and due diligence associated with the issuance of solvency and fairness opinions. He has been involved in transactions ranging from high-tech Internet start-up businesses and software companies to established manufacturing and chemical companies. His intangible asset valuation experience includes trademarks, patents, non-compete agreements and customer lists and relationships.
Prior to Murray Devine, Steve was the Chief Financial Officer for the law firm of Hangley Aronchick Segal & Pudlin where he was responsible for the overall financial management of the firm including banking relationships, budgeting, cash flow forecasting, and planning. Steve has also held various financial analyst positions that involved the preparation, analysis, maintenance, and design of multi-million dollar budgets and financial statements. He also served as an Assistant Treasurer to U.S. Congressman Robert Andrews in the 1997 New Jersey gubernatorial campaign, and has provided consulting services on the installation of accounting and financial software applications for law firms.
Steve is a member of the CFA Institute. He received his Masters in Business Administration, with honors, from Drexel University’s Bennett S. LeBow School of Business and graduated from Drexel University in 1987 with a Bachelor of Science degree in Finance. Steve has been a guest speaker for Drexel University’s Executive MBA program, and has donated time as a volunteer financial consultant to such groups as the Homeless Advocacy Project in Philadelphia and the Community Conservatory of Music in Bucks County, PA.
James Spaman, CFA
Vice President
Jamie Spaman, a Vice President, joined Murray Devine in 2004. His responsibilities include financial analysis and advisory services relating to financial opinions, portfolio valuations, collateralized debt obligation funds, and the valuation of business enterprises.
Since arriving at Murray Devine, Jamie has worked on numerous engagements across many different industries. He has participated in the financial analysis, research, and due diligence relating to enterprise valuations of closely held businesses for fairness and solvency opinions, portfolio valuations, and accounting and other purposes.
Prior to arriving at Murray Devine, Jamie was a Cost Analyst at Lockheed Martin Corporation where his responsibilities included planning, analyzing and presenting budget, performance and cost information for the manufacture of radar systems. Prior to Lockheed Martin, Jamie served as an Artillery Officer in the United States Marine Corps.
Jamie earned a Bachelor of Science degree in Physics from the United States Naval Academy in May 1995, and a Masters in Business Administration with a concentration in Finance and Management from Rutgers University in May 2004.
Joseph W. Karpovich, ASA
Vice President
Joe Karpovich, a Vice President, joined Murray Devine in 1997. His responsibilities include the direction and performance of sale-leaseback and tangible asset valuation engagements.
Active in the valuation consulting profession since 1978, Joe has performed consulting work on a national and international level, including work in Europe, South America, Canada, and Asia. Working with domestic and international commercial and investment bankers, lenders, attorneys, lessees, and lessors, Joe provides valuation opinions to support a wide variety of leasing transactions. With over 30 years of experience in the field, Joe has the depth of knowledge to provide timely and innovative solutions to all participants in the asset-based finance market. His appraisals are performed for a variety of purposes including allocation of purchase price, collateralized bank financing, and liquidation/auction. In addition, Joe is responsible for reviews conducted by the Internal Revenue Service for periodic audits of past allocation engagements.
Prior to joining Murray Devine, Joe was a Vice President of the Lease Finance Group for Valuation Research Corporation. His responsibilities included establishing and marketing the Lease Finance Group, as well as oversight of its daily operations and the review of all sale and leaseback transactions. Joe was also formerly a Manager with Coopers & Lybrand, LLP, where he was responsible for lease transactions and for coordinating all aspects of machinery and equipment appraisals conducted by the firm.
Joe received his Associates Degree in 1977 from the Pennsylvania Institute of Technology, where he majored in mechanical engineering. He continued his education with courses in finance and economics at Villanova University, supplemented by several courses taken through the American Society of Appraisers. Joe has been an Accredited Senior Appraiser of the American Society of Appraisers since 1987, and a member of the Equipment Leasing Association since 1990.
James L. Allison
General Counsel
Jim Allison is General Counsel of Murray Devine. In addition to his in-house counsel duties, he is involved in the management of financial advisory and valuation engagements and general business development. His special emphasis is on distressed entity and bankruptcy related matters. Before joining Murray Devine, Jim had managed an affiliated entity that served as financial advisor for a distressed debt fund with $1.4 billion of assets composed primarily of middle market commercial and industrial credits.
Previously, Jim had been a partner in the law firm of Duane, Morris & Heckscher where he was a member of the Reorganization and Finance Department. There, his reorganization and bankruptcy practice was augmented by a corporate sub-specialty that included general outside counsel representations, sophisticated corporate restructurings and internal fraud investigations in both the for-profit as well as the not-for-profit contexts. Jim has been active in the financial transaction community for over 20 years and has extensive experience in a wide variety of industries. He has a sophisticated understanding of secured lending, bankruptcy and liquidation issues as well as strong negotiation, analytical and financial skills.
Jim currently serves on the Boards of Directors of four healthcare companies and a medical software company. He is also a member of the Board of Directors and the Executive and Finance Committees of the Silver Springs-Martin Luther School, a social services agency serving children with serious emotional and behavior-related problems.
Jim received a Juris Doctor degree from Harvard Law School in 1983 and Bachelor of Arts degree from Bucknell University in 1980. He is admitted to practice in the Commonwealth of Pennsylvania and the District of Columbia. His memberships include the American Bankruptcy Institute, the Turnaround Management Association and the Eastern District of Pennsylvania Bankruptcy Conference. Jim has also lived and worked in Munich, Germany serving as a visiting attorney for one year with the firm of Norr, Stiefenhofer and Lutz.
William B. Hafer
Director, Business Development
Will Hafer joined Murray Devine in April of 2008. As Director of Business Development, he oversees the sales and marketing strategy for valuation and financial engagements company-wide.
In this role, Will specializes in establishing and cultivating client relationships with financial institutions and financial sponsors. He aids in developing strategies for resolving value-based issues, helps implement analysis, and facilitates the preparation and review of reports. In working with clients, Will draws on nearly 20 years of sales experience and a vast knowledge of business to business sales. Additionally, he has extensive relationships in the New York City financial sector including and not limited to private equity firms, M & A attorneys, hedge funds, corporate officers and investment banks.
Prior to joining Murray Devine, Will was a Vice President with Bowne and Co., Inc. in New York. He received a Bachelor of Arts degree from the University of Maryland in May 1991.
Matthew Misisco
Vice President, Business Development
Matthew Misisco joined Murray Devine in July 2009 as the Vice President of Business Development. Matt is part of the team tasked with developing new markets for the firm’s wide range of valuation services.
Drawing on over 25 years of experience in the financial services industry, Matt maintains strong relationships with private equity groups, investment bankers, and corporate and bankruptcy attorneys nationwide. Prior to joining Murray Devine, Matt was a Vice President of Sales with Bowne and Co. in New York where, among other duties, he helped to market Bowne’s virtual data room services and develop Bowne’s national bankruptcy team.
Matt holds a Bachelor of Science degree in Business Administration from the University of Denver.
President
Dennis Murray is President and Co-founder of Murray Devine. Dennis’ responsibilities include the overall management of the firm including technical review, business development and new services. He is directly involved in and supervises the due diligence and analyses in connection with matters relating to financial valuations and financial opinions.
Dennis has over 25 years of experience in the valuation industry. In 1989, Dennis Murray and Frank Devine started Murray Devine. As well as managing day-to-day operations of the firm, Dennis has been active on the valuation side of the business managing valuation engagements of various debt and equity securities, private and public companies, and intangible assets across a broad range of industries. In addition, Dennis oversees the analyses of solvency and fairness opinions. Dennis has also been instrumental in building Murray Devine’s portfolio valuation business for private investment funds. Portfolio valuations include a wide array of securities—among them, warrants, subordinated debt, convertible preferred stock, and common stock.
Dennis is a graduate of Drexel University with a Bachelor of Science degree. He has lectured on issues relating to valuing tangible and intangible assets, solvency opinions and fraudulent conveyance matters. Based on his experience, Dennis is qualified as an expert witness for litigation support matters. He is an active member of various organizations and associations including the Association for Corporate Growth and the Philadelphia Estate Planning Council.
Executive Vice President
Frank Devine is the Executive Vice President and Co-founder of Murray Devine. Frank’s responsibilities include engagement management, technical review and business and new service development. He is directly involved in and supervises the due diligence and analyses required in connection with matters relating to financial valuations, financial opinions and litigation engagements.
Frank has over 20 years of experience in the valuation industry. As well as managing day-to-day operations of the firm, Frank is active in managing valuation engagements of various debt and equity securities for private and public companies. In addition, Frank performs solvency and fairness opinion analyses and provides expert testimony on valuation issues in litigation matters. Frank’s experience spans across many industries including media, telecommunications, retail, medical & pharmaceutical, manufacturing, and financial services, to name a few. Frank has been instrumental in building Murray Devine’s portfolio valuation business assisting BDCs, CDOs, fund of funds and other financial firms that hold illiquid securities in complying with FASB ASC 820 Fair Value Measurements and Disclosures (formerly FAS 157).
Previously, Frank was a Senior Manager with Price Waterhouse's National Reorganization and Bankruptcy practice and a Manager with Coopers & Lybrand where he provided accounting and auditing services to a diverse client base.
Frank is both a Chartered Financial Analyst (CFA) and a Certified Public Accountant (CPA), and received a Bachelor of Science degree in Accounting from Villanova University.
Senior Vice President
Tom Kenny, a Senior Vice President, joined Murray Devine in 1989. He conducts and manages valuation engagements for financial reporting purposes. In addition, Tom performs solvency and fairness opinion analyses and provides expert testimony on valuation issues in litigation matters.
Tom has diverse industry experience, with clients in publishing, food processing, retail, medical/pharmaceutical products, industrial products, technology and financial services, to name a few. He has been actively involved in the issuance of hundreds of solvency and fairness opinions for both private and publicly traded companies and has testified in U.S. District Court on solvency- and valuation-related topics. He also serves on the Appraisal Issues Task Force (AITF) a voluntary group of professional appraisers who wish to improve the practice of valuation. The AITF is designed to help establish and interpret existing rules. Further, it works with the FASB and the SEC to evaluate proposals and recommend methodology, assumptions and approaches on valuation issues related to fair value measurements including FASB ASC 350 (formerly FAS 142), FASB ASC 718 (formerly FAS 123(R)), FASB ASC 805 (formerly FAS 141(R)), and FASB ASC 820 (formerly FAS 157) .
Formerly, Tom was Manager of Treasury Analysis for Campbell Soup Company where his responsibilities included capital markets, acquisition analysis, capital structure analysis, and risk management. Prior to Campbell Soup, he was a Senior Financial Analyst with Aztar Corporation, a $1 billion hotel and gaming concern and also worked in public accounting.
Tom is a Certified Public Accountant (CPA) and Certified Management Accountant (CMA), and holds a Masters of Business Administration degree with a concentration in Finance from Temple University’s Fox School of Business. He is also Accredited in Business Valuation (ABV) by the American Institute of Certified Public Accountants, and has taught upper-level accounting and finance courses at Rowan University and Rutgers University.
Senior Vice President
Dan DiDomenico, a Senior Vice President, joined Murray Devine in 1995 and his responsibilities include the day-to-day management of valuation and financial opinion engagements.
With over 20 years of accounting and valuation experience, Dan has prepared valuations of business enterprises, debt and equity securities, and intangible assets for tax and financial reporting purposes. In addition, he has been involved with numerous financial opinions related to solvency, capital adequacy and fairness. Dan services clients across varied industries and also has significant experience in portfolio valuation services.
Prior to joining Murray Devine, Dan was a Senior Financial and Operations Auditor with United Technologies Corporation, and was also a member of the internal audit staffs of Bethlehem Steel Corporation and Foster Wheeler Corporation.
Dan received a Bachelor of Science degree in Business Administration and a Masters in Business Administration from Drexel University’s Bennett S. LeBow School of Business. Dan is also a Certified Public Accountant (CPA) with an Accreditation in Business Valuation (ABV) and holds the designation of Chartered Financial Analyst (CFA).
Vice President
Stephen Davis, a Vice President, joined Murray Devine in 1999. His responsibilities include the day-to-day management of financial opinion engagements as well as the preparation of business enterprise, intangible asset, and securities valuations.
Since his arrival at Murray Devine, Steve has conducted numerous business enterprise and securities valuations. Steve is also actively engaged in and oversees the financial analysis, research, and due diligence associated with the issuance of solvency and fairness opinions. He has been involved in transactions ranging from high-tech Internet start-up businesses and software companies to established manufacturing and chemical companies. His intangible asset valuation experience includes trademarks, patents, non-compete agreements and customer lists and relationships.
Prior to Murray Devine, Steve was the Chief Financial Officer for the law firm of Hangley Aronchick Segal & Pudlin where he was responsible for the overall financial management of the firm including banking relationships, budgeting, cash flow forecasting, and planning. Steve has also held various financial analyst positions that involved the preparation, analysis, maintenance, and design of multi-million dollar budgets and financial statements. He also served as an Assistant Treasurer to U.S. Congressman Robert Andrews in the 1997 New Jersey gubernatorial campaign, and has provided consulting services on the installation of accounting and financial software applications for law firms.
Steve is a member of the CFA Institute. He received his Masters in Business Administration, with honors, from Drexel University’s Bennett S. LeBow School of Business and graduated from Drexel University in 1987 with a Bachelor of Science degree in Finance. Steve has been a guest speaker for Drexel University’s Executive MBA program, and has donated time as a volunteer financial consultant to such groups as the Homeless Advocacy Project in Philadelphia and the Community Conservatory of Music in Bucks County, PA.
Vice President
Jamie Spaman, a Vice President, joined Murray Devine in 2004. His responsibilities include financial analysis and advisory services relating to financial opinions, portfolio valuations, collateralized debt obligation funds, and the valuation of business enterprises.
Since arriving at Murray Devine, Jamie has worked on numerous engagements across many different industries. He has participated in the financial analysis, research, and due diligence relating to enterprise valuations of closely held businesses for fairness and solvency opinions, portfolio valuations, and accounting and other purposes.
Prior to arriving at Murray Devine, Jamie was a Cost Analyst at Lockheed Martin Corporation where his responsibilities included planning, analyzing and presenting budget, performance and cost information for the manufacture of radar systems. Prior to Lockheed Martin, Jamie served as an Artillery Officer in the United States Marine Corps.
Jamie earned a Bachelor of Science degree in Physics from the United States Naval Academy in May 1995, and a Masters in Business Administration with a concentration in Finance and Management from Rutgers University in May 2004.
Vice President
Joe Karpovich, a Vice President, joined Murray Devine in 1997. His responsibilities include the direction and performance of sale-leaseback and tangible asset valuation engagements.
Active in the valuation consulting profession since 1978, Joe has performed consulting work on a national and international level, including work in Europe, South America, Canada, and Asia. Working with domestic and international commercial and investment bankers, lenders, attorneys, lessees, and lessors, Joe provides valuation opinions to support a wide variety of leasing transactions. With over 30 years of experience in the field, Joe has the depth of knowledge to provide timely and innovative solutions to all participants in the asset-based finance market. His appraisals are performed for a variety of purposes including allocation of purchase price, collateralized bank financing, and liquidation/auction. In addition, Joe is responsible for reviews conducted by the Internal Revenue Service for periodic audits of past allocation engagements.
Prior to joining Murray Devine, Joe was a Vice President of the Lease Finance Group for Valuation Research Corporation. His responsibilities included establishing and marketing the Lease Finance Group, as well as oversight of its daily operations and the review of all sale and leaseback transactions. Joe was also formerly a Manager with Coopers & Lybrand, LLP, where he was responsible for lease transactions and for coordinating all aspects of machinery and equipment appraisals conducted by the firm.
Joe received his Associates Degree in 1977 from the Pennsylvania Institute of Technology, where he majored in mechanical engineering. He continued his education with courses in finance and economics at Villanova University, supplemented by several courses taken through the American Society of Appraisers. Joe has been an Accredited Senior Appraiser of the American Society of Appraisers since 1987, and a member of the Equipment Leasing Association since 1990.
General Counsel
Jim Allison is General Counsel of Murray Devine. In addition to his in-house counsel duties, he is involved in the management of financial advisory and valuation engagements and general business development. His special emphasis is on distressed entity and bankruptcy related matters. Before joining Murray Devine, Jim had managed an affiliated entity that served as financial advisor for a distressed debt fund with $1.4 billion of assets composed primarily of middle market commercial and industrial credits.
Previously, Jim had been a partner in the law firm of Duane, Morris & Heckscher where he was a member of the Reorganization and Finance Department. There, his reorganization and bankruptcy practice was augmented by a corporate sub-specialty that included general outside counsel representations, sophisticated corporate restructurings and internal fraud investigations in both the for-profit as well as the not-for-profit contexts. Jim has been active in the financial transaction community for over 20 years and has extensive experience in a wide variety of industries. He has a sophisticated understanding of secured lending, bankruptcy and liquidation issues as well as strong negotiation, analytical and financial skills.
Jim currently serves on the Boards of Directors of four healthcare companies and a medical software company. He is also a member of the Board of Directors and the Executive and Finance Committees of the Silver Springs-Martin Luther School, a social services agency serving children with serious emotional and behavior-related problems.
Jim received a Juris Doctor degree from Harvard Law School in 1983 and Bachelor of Arts degree from Bucknell University in 1980. He is admitted to practice in the Commonwealth of Pennsylvania and the District of Columbia. His memberships include the American Bankruptcy Institute, the Turnaround Management Association and the Eastern District of Pennsylvania Bankruptcy Conference. Jim has also lived and worked in Munich, Germany serving as a visiting attorney for one year with the firm of Norr, Stiefenhofer and Lutz.
Director, Business Development
Will Hafer joined Murray Devine in April of 2008. As Director of Business Development, he oversees the sales and marketing strategy for valuation and financial engagements company-wide.
In this role, Will specializes in establishing and cultivating client relationships with financial institutions and financial sponsors. He aids in developing strategies for resolving value-based issues, helps implement analysis, and facilitates the preparation and review of reports. In working with clients, Will draws on nearly 20 years of sales experience and a vast knowledge of business to business sales. Additionally, he has extensive relationships in the New York City financial sector including and not limited to private equity firms, M & A attorneys, hedge funds, corporate officers and investment banks.
Prior to joining Murray Devine, Will was a Vice President with Bowne and Co., Inc. in New York. He received a Bachelor of Arts degree from the University of Maryland in May 1991.
Vice President, Business Development
Matthew Misisco joined Murray Devine in July 2009 as the Vice President of Business Development. Matt is part of the team tasked with developing new markets for the firm’s wide range of valuation services.
Drawing on over 25 years of experience in the financial services industry, Matt maintains strong relationships with private equity groups, investment bankers, and corporate and bankruptcy attorneys nationwide. Prior to joining Murray Devine, Matt was a Vice President of Sales with Bowne and Co. in New York where, among other duties, he helped to market Bowne’s virtual data room services and develop Bowne’s national bankruptcy team.
Matt holds a Bachelor of Science degree in Business Administration from the University of Denver.
