BOND & PECARO

The Basis for Your Decisions

Executive Bios

Experienced and Trusted Professionals

Bond & Pecaro professionals have over 125 years of individual experience in finance, economics, and communications engineering that - combined with an extensive library of market demographic, financial and media audience data  - puts the firm in a unique position to provide in-depth strategic valuation analyses to its clients. Clients use Bond & Pecaro's services year after year because they have confidence in the integrity of the firm's services.

The staff has amassed a wealth of experience providing valuation services for a wide range of advertising and subscriber based businesses. The firm's clients range from local television and radio stations, to national broadcasting networks, to international media and technology corporations. The firm has conducted business worldwide, from developing feasibility studies for new television networks in Latin America to locating venture partners for new Internet businesses in Europe.

Timothy S. Pecaro, Principal and Founder

John S. Sanders, Principal and Founder

Jeffrey P. Anderson, Principal

Andrew R. Gefen, Principal

Matthew H. Lochte, Principal

Benjamin K. Steinbock, Senior Analyst

Stephanie M. Wong, Senior Analyst

Peter R. Geyer

Kelly M. Spracklin

Michael C. Cooke-Yarborough

Michael P. Garvey

James R. Bond, Jr., Founder (Retired)

 

Timothy S. Pecaro

Timothy S. Pecaro is a principal and founder of the firm of Bond & Pecaro, Inc. Before the formation of Bond & Pecaro, Inc. in 1986, Mr. Pecaro was a Vice President with Frazier, Gross & Kadlec, Inc. Prior to this, Mr. Pecaro was employed in the programming department at NBC in Chicago.

Mr. Pecaro has actively participated in the development, research, and preparation of appraisal reports for owners of radio, television, cable, newspaper, radio common carrier, satellite, telecommunications, tower, new media, programming, and Internet properties. He has also prepared special research reports for the Federal Communications Commission (FCC), the National Cable Television Association (NCTA), and the National Association of Broadcasters (NAB).

Mr. Pecaro has been retained to appraise over 4,000 media, communications, and technology companies. He has also been retained to provide special market studies and individual research projects for the management of media, communications, and technology properties and related industries. For the Media Financial Management Association (MFM), he is a Board Member, a member of the Strategic Planning Committee, and was formerly Vice Chairman.  Mr. Pecaro was the Co-Chair of the association's 2004 and 2005 annual conferences, past Chairman of the Tax and New Media Committees, and is a current member of the Cable Television, Technology, and Tax Committees. Mr. Pecaro was also a member of the NAB Tax Advisory Panel, the MFM Task Force on media like-kind exchanges, and the NCTA Working Group on SFAS 157 and SFAS 141(r). He is a co-Editor and contributing author of Understanding Broadcast & Cable Finance from Focal Press.

Mr. Pecaro has testified as an expert witness in connection with media and telecommunications valuation matters before federal, state, and local courts; the FCC; and the Joint Committee on Taxation. He has also spoken on media and technology financial issues at the annual conferences of the National Association of Broadcasters, the Media Financial Management Association, the National Cable Television Association, the Broadband Tax Institute, the International Business Forum, the Strategic Research Institute, and Telocator. Additionally, Mr. Pecaro has been a guest lecturer at the University of Missouri School of Journalism.

Mr. Pecaro received a Bachelor of Arts degree in Radio/Television Communication Arts from Monmouth College in 1976. He graduated Cum Laude with highest honors in his major field of study.

John S. Sanders

John S. Sanders is a principal in the firm of Bond & Pecaro, Inc. and was one of the founding members of the firm in 1986. Prior to his association with Bond & Pecaro, Inc., Mr. Sanders was Manager, Appraisal Group, with Frazier, Gross & Kadlec, Inc. He worked for that firm in various analytical and managerial positions between 1982 and 1986.

Mr. Sanders has been involved actively in both fair-market valuations and asset appraisals of more than 2,500 television, radio, hardline and wireless cable, radio common carrier, newspaper and related communications businesses. He provides expert testimony in local, state, and Federal courts, as well as in arbitration and regulatory proceedings.  Mr. Sanders has spoken on financial issues for the Cellular Telecommunications Association (CTIA), the Personal Communications Industry Association (PCIA), the National Association of Broadcasters (NAB), the Media Financial Management Association (MFM), the Telecom Publishing Group, and other organizations.

His commentaries have been published in the trade press, including Cellular Business, PCIA Journal, Open Channels, Broadcasting, TVNewsCheck, TV y Video LatinoAmerica, University Business, and Communications magazines and the Broadcast Financial Journal. He has been interviewed by publications including The Washington Post, The Orlando Sentinel, Communications, PCS News, Radio World, and Telephony.

Mr. Sanders received a B.A. Cum Laude in Economics and International Studies (Honors) from Dickinson College. He also holds a Masters Degree in Business Administration from the University of Virginia.  He holds the Accredited Senior Appraiser ("ASA") designation from the American Society of Appraisers in the specialty of Business Valuation. 

Jeffrey P. Anderson

Jeffrey P. Anderson is a principal in the firm of Bond & Pecaro, Inc. Prior to joining the firm in 1986, Mr. Anderson worked as a Financial Analyst with Frazier, Gross & Kadlec, Inc., where he actively coordinated and prepared asset appraisals for various radio, television, cable television, and digital media clients.

Mr. Anderson, has been actively involved in both fair-market valuation and asset appraisals of over 2,000 television, radio, cable, newspaper, Internet, and related media and communications businesses. He has assumed primary responsibility for special market studies and research projects for the management of communications properties and related industries.

Mr. Anderson was co-author and editor of Bond & Pecaro, Inc.'s CyberValuation publications. He has participated and spoken on financial topics related to the technology industry for the Strategic Research Institute, Netpreneur.org, and the Media Financial Management Association. His commentaries on technology valuation issues have appeared in trade press publications, including the The Washington Post, Mergers & Acquisitions, CFO Magazine, American Venture, Washington Techway, and the Washington Business Journal.

Mr. Anderson received a B.A. in Economics from the College of William and Mary and a Masters of Business Administration degree at the Colgate Darden School of Business Administration at the University of Virginia.

Andrew R. Gefen

Andrew R. Gefen is a principal in the firm of Bond & Pecaro, Inc.  Since joining Bond & Pecaro in 1999, Mr. Gefen has been responsible for over 2,500 fair-market valuations and intangible asset valuations of radio stations, television stations, cable television systems, cellular telephone systems, newspapers, satellite companies, and other media and communications companies.  Mr. Gefen has provided clients with FAS 142 (now ASC 350) impairment analyses, developed business plans, and provided expert testimony.

Mr. Gefen's responsibilities include all aspects of project management, including financial analysis, report production, and auditor support. During his career, he has also provided expert testimony on valuing telecommunications properties numerous times in Federal and State courts.

Prior to joining Bond & Pecaro, Mr. Gefen was Vice President of the Financial Consulting division of The Strategis Group (formerly Malarkey-Taylor Associates-EMCI), a Washington, D.C. based telecommunications consulting firm. Mr. Gefen was at the Strategis Group from 1988 to 1998, and managed consulting projects, including the valuation of cable television and telephony systems, cellular telephone systems, radio and television stations, cable television programming networks, sports contracts, and paging systems. During his tenure with The Strategis Group, Mr. Gefen led due diligence efforts on several multi-billion dollar industry transactions, determined the financial basis used to establish a statewide cellular system, developed the financial plan used to construct a cable television system serving a Middle Eastern country, and assisted a major cable television operator in its ongoing restructuring through the valuation of its limited partnership interests. He has also written articles about the cable television and cellular telephone industries for the company's newsletter.

Prior to his association with The Strategis Group, Mr. Gefen was Manager of the Asset Appraisal Group at Frazier, Gross & Kadlec, where he was responsible for the valuation of well over 100 broadcasting acquisitions with an aggregate value exceeding $2 billion. He managed a group of 15 professionals in the production of appraisal reports. Mr. Gefen was also a business analyst and project manager with American Management Systems, where he produced and analyzed the budget for the company's largest division and managed a financial modeling system used in making loan and price commitments in the energy industry.

Mr. Gefen received a Bachelor of Arts degree in Economics from Brown University in 1979, and a Masters of Science in Industrial Administration (MBA) from Carnegie-Mellon University in 1982.

Benjamin K. Steinbock

Benjamin K. Steinbock is an associate in the firm of Bond & Pecaro, Inc. Mr. Steinbock has been with the firm since 2000, and has appraised more than 450 media, communications, and technology businesses and has extensive experience in the valuation of FCC licenses for radio, television and telecommunications companies.  

Prior to his association with Bond & Pecaro, Inc., Mr. Steinbock worked as a legal assistant in the Washington, D.C. office of Hogan & Hartson L.L.P.  Mr. Steinbock specialized in corporate and securities law and was active in many initial public offerings and mergers.

Mr. Steinbock received a Bachelor of Arts degree in Political Science and Public Policy from Swarthmore College.

Matthew H. Lochte

Matthew H. Lochte is a Principal in the firm of Bond & Pecaro, Inc., and has been with the firm since 2000. Mr. Lochte has been responsible for more than 500 fair market valuations and intangible asset valuations of radio and television stations, cable television systems, cellular telephone systems, newspapers, and various other media and technology companies. Mr. Lochte has also provided clients with extensive FAS 142 and FAS 144 (ASC 350 and 360) impairment analyses.

Prior to his association with Bond & Pecaro, Inc., Mr. Lochte was a minority owner and employed with GeoUtilities, an e-commerce Internet start-up company, where he assisted in developing the business plan and successfully securing the sale of the company in less than one year. Prior to his tenure at GeoUtilities, he served as the executive analyst for the president of Columbia Energy Services, was the manager of financial planning for the $6 billion mass markets division of MCI Corporation, and served as treasury manager for Integrated Health Services.

Mr. Lochte received a Bachelor of Business Administration degree Cum Laude in Finance from Loyola College in 1991. Mr. Lochte also holds a Masters of Business Administration degree from the Sellinger Business School at Loyola College.

 

Stephanie M. Wong

Stephanie M. Wong is an associate in the firm of Bond & Pecaro, Inc.  Wong has actively participated in the development, research, and preparation of more than 400 appraisal and fair market valuation reports for radio, television, newspaper, Internet, tower, and telecommunications properties. 

Prior to her association with Bond & Pecaro, Inc.,  Wong held internships with Motorola, Inc., and Financial Security Assurance Inc.

Wong received a Bachelor of Science degree in Foreign Service from the Edmund A. Walsh School of Foreign Service at Georgetown University.

 

Peter R. Geyer

Mr. Geyer has been with Bond & Pecaro since 1994 and has chaired the engineering department since 1995. Since joining Bond & Pecaro, he has been responsible for appraising the tangible assets of over 1,500 radio and television stations, cable  systems, cellular telephone systems, telecommunications facilities, and publishing properties. He is a member of the Society of Cable Telecommunications Engineers (SCTE) and the Society of Motion Picture and Television Engineers (SMPTE). Mr. Geyer is a Candidate Member of the American Society of Appraisers.

Prior to his association with Bond & Pecaro, Mr. Geyer worked as a sound and lighting technician in Eastern Europe, and as an audio-visual technician at The Colorado College.

Mr. Geyer received a Bachelor of Arts degree Cum Laude in Political Science, with distinction in his major field, from the  Colorado College at Colorado Springs. Mr. Geyer also holds a Masters Degree in Business Administration from the George  Washington University. He holds the Accredited Senior Appraiser ("ASA") designation from the American Society of Appraisers in the specialty of Machinery and Equipment.

 

Kelly M. Spracklin

Kelly Spracklin is the administrative assistant in the firm of Bond & Pecaro, Inc., a Washington‑based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry.

 

In addition to various administrative tasks, Ms. Spracklin also assists in the research and preparation of numerous appraisal and fair market valuation reports for radio, television, newspaper, Internet, tower, and telecommunications properties. 

 

Prior to her association with Bond & Pecaro, Inc., Ms. Spracklin worked as a Field Organizer for Organizing for America - Pennsylvania. Working in this political swing state, she managed teams of volunteers to register, persuade, and turn-out voters during the 2012 election season.

 

Ms. Spracklin received a Bachelor of Arts degree cum laude in 2011 from Albright College in Pennsylvania, where she double-majored in Political Science and Latin American & Caribbean Studies. In 2012, she earned a post-bachelor’s certificate in Paralegal Studies from Reading Area Community College in Reading, Pennsylvania.

 

Michael C. Cooke-Yarborough

Mr. Cooke-Yarborough is an associate at the firm of Bond & Pecaro, Inc., a Washington‑based consulting firm specializing in valuations, asset appraisals, and related financial services for the communications industry.

 

Mr. Cooke-Yarborough has actively participated in the development, research and preparation of numerous fair market valuations and asset appraisals of television, radio, cable television and newspaper properties.

 

Prior to his association at Bond & Pecaro, Mr. Cooke-Yarborough worked as a Budget Analyst, specializing in grant acquisition and fund management, at Social & Scientific Systems in Silver Spring, Maryland.

 

Mr. Cooke-Yarborough received a Bachelor of Science degree in Finance from the Warrington College of Business Administration at The University of Florida in Gainesville, Florida. 

 

Michael P. Garvey

Mr. Garvey is an associate in the firm of Bond & Pecaro.  He has hit the ground running in the development, research, and preparation of appraisal and fair market valuation reports for radio, television, newspaper, Internet, tower, and telecommunications properties.  He specializes in the valuation of fixed assets.

 

Prior to joining Bond & Pecaro, Inc, Mr. Garvey was most recently a Telecommunications Engineer for Simplexity, an e-commerce service provider in the located in Reston, Virginia.  Mr Garvey was responsible for the Global Call Centers and corporate telecommunications. He has a vast array of knowledge in the television and radio production business stemming from such positions as technical director for C-SPAN; Senior Producer for the Dennis Wholey show on PBS; a freelance producer with The McLaughlin Group; as well as other freelance jobs working behind, as well as in front of, cameras.

 

Mr. Garvey received a Bachelor of Arts degree in Radio, Television, and Film from the University of Maryland’s School of Arts and Humanities in College Park, Maryland.

 

James R. Bond, Jr., (Retired)

James R. Bond, Jr. is a founder of the consulting firm of Bond & Pecaro, Inc. In this capacity, he was routinely retained to examine and study economic issues which affect media businesses.

Bond has been retained to appraise the assets of over 2,500 radio, television, radio common carrier, and cable television properties. He is a member of the Society of Broadcast Engineers (SBE), the Broadband Tax Institute (BTI), and the Society of Cable Telecommunications Engineers (SCTE). He is a member and past director of the Broadcast Cable Financial Management Association (BCFM), and has served on that organization's Taxation Advisory and Industry Education Committees. He has also served on the National Association of Broadcasters (NAB) Tax Advisory Panel and Depreciation Task Force. Mr. Bond is a Certified Senior Radio Broadcast Engineer (SBE), a Certified Senior Television Broadcast Engineer (SBE), and holds an FCC First Class Radiotelephone Operator License.

Mr. Bond has testified as an expert witness in connection with numerous telecommunications valuation matters before federal, state, and local courts.

Mr. Bond received a Bachelor of Arts degree in Radio, Television, and Motion Pictures from the University of North Carolina at Chapel Hill in 1976. Mr. Bond also holds a Masters Degree in Business Administration from the University of Virginia in Charlottesville, Virginia.