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Florida Negotiation & Settlement Planning Seminar Bernard F. Pettingill, Jr., PhD Palm Beach Gardens, FL Aug 21, 2009 Orlando, FL.

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Presentation on theme: "Florida Negotiation & Settlement Planning Seminar Bernard F. Pettingill, Jr., PhD Palm Beach Gardens, FL Aug 21, 2009 Orlando, FL."— Presentation transcript:

1 Florida Negotiation & Settlement Planning Seminar Bernard F. Pettingill, Jr., PhD Palm Beach Gardens, FL Aug 21, 2009 Orlando, FL

2 Questions – Direct Examination / Answers Background Contact Points Terms of Art Presentation – Short / Long Future of Depositions….. Outline

3 Capitalism 3 WHY LEARN ECONOMICS – JOAN ROBINSON – TO KEEP FROM GETTING DUPED BY ECONOMISTS KEYNES vs. FRIEDMAN

4 Overview Line Up Short / Long Version Color / Black – White

5 Jurors Reception – Stand Up / Sit Down Pipe Smoker Engineer Nurse Practitioner Sleeper Alternate Jurors Arms Crossed / Legs Age Factor (Examples) Note Takers Questions asked by Jurors Number(s) of Persons

6 Empathy Never Drink H 2 O Ask to Step Down Ask if Judge Needs a Copy of Charts Ask if Judge can See Ask if Court Reporter can Hear Ask for Permission Meter Bathroom Break Testify Before or After Lunch

7 Resume – Hooks / Tags New Orleans Military HS Catholic / Ivy League College / Ph.D. England Professor (Medical School - 4 yrs) Hobbies / Human Four Kids – Teacher / Empathy Articles Published Organizations Experience 22 Years Testimony – Congress / Court TV

8 Characteristics Demeanor Posture / Clothes / Watch / Car Body Language – Roger Clemens Confidence Out of the Box Time of Day to Testify – AM / PM Cross Examination Video Clip – Life Expectancy - Link

9 Work Life Expectancy / Life Expectancy Medflation Interest Rates (IRR) Inflation Measures – (Local News Stories) Consumption Expense Permanent Income Hypothesis Unemployment (Types) Economic Terms

10 TAXES (Federal vs. State) Discounting to Present Value Savings / Dissavings Life Cycle Hypothesis PRN, BID, TID / QD (Titrate Medication) The I Word Economic Terms – cont.

11 GIGO PRN QD / BID / TID DUCES TECUM CETERIS PARIBUS SWAG PMSAbbreviations 11

12 12 CPI Typical Market Basket 95 Locations Two Times / Month 211 Consumer Goods Average Prices

13 13 CPI – cont. 1. Food & Beverages 2. Housing 3. Apparel 4. Transportation 5. Medical Care 6. Recreation 7. Education & Communication 8. Other Goods & Services

14 OLD INDICATORS AUTO HOUSING STARTS RETAILForecasting 14

15 NEW INDICATORS WAL-MART STARBUCKS APPLE NETFLIX TARGET COSTCO PAWN SHOP 15 Forecasting – cont.

16 Testimony 16 Long Version / Short Version Question / Answer Charts / ELMO / Overhead Power Point

17 Recent Life Expectancy Tables Medical vs. General Inflation Sample - Goods / Services 1940, 50, 60, 70, 80, 90s Recent Life Expectancy Tables Medical vs. General Inflation Sample - Goods / Services 1940, 50, 60, 70, 80, 90s Trial Charts 17

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22 Judge Home Cooking Age / Experience / Deference Background Fairness Discrimination Bench Trial (All of Above)

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24 ENGLAND, CANADA & SWEDEN (Michael Moore) NURSING SHORTAGE – ARTICLE FORBES.COM NO PhD EDUCATORS / INTERNSHIPS (AVAILABLE) ULAP 100 – UNIVERSAL HEALTH COVERAGE - (ARTICLE) INSURE 47 MILLION PEOPLE COMPUTERIZE ALL MEDICAL RECORDS ATLAS SHRUGGED – MEN OF MIND GO ON STRIKE Nationalized Health Care 24

25 WAITING LIST – HERNIA REPAIR ELECTIVE SURGERY RENAL DIALYSIS 55+ YEAR OLD IN GREAT BRITAIN – DENIED.. DEAD 25 Health Care – DILEMMA

26 A. SIXTY YEAR OLD MALE POSTAL WORKER B. SINGLE MOTHER OF FOUR CHILDREN C. EIGHTEEN YEAR OLD NEVER WORKED D. RETIRED FEMALE IN PALM BEACH Organ Replacement – DILEMMA 26

27 IMPLOSION OF ECONOMY – Housing / Banking / Mfg / Services 75% OF ECONOMY (GDP) CONSUMER DRIVEN ON THE TAKE …….. Selling Out? 27

28 MUNIS DOWN 5% CORPORATE DOWN 8% JUNK DOWN 26% TREASURIES 28 Risk Return Triangle

29 Rates 29 Discounting to PV - Recent Historic Rate Alaskan - Total Offset Nominal Rate / Average Rate - 25 yrs

30 Investments 30 Lose Your Shirt……

31 31

32 Life Exp. - US Life Expectancy

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34 Financial Records - 5 yrs Tax Returns (5 yrs) - same date, printer, alignment, etc. Past meds minuscule Darden - (location of doc - G drive) - CSI Warnings 34

35 1. Treating M.D.s 2. Therapists / Nurses 3. Care Planner / Rehab Expert 4. Economist 1. Treating M.D.s 2. Therapists / Nurses 3. Care Planner / Rehab Expert 4. Economist Sequence of Experts 35

36 Routine M.D. Visits Therapies ADLs Diagnostics Orthopedic Equipment Supplies Attendant CareAttendant Care Routine M.D. Visits Therapies ADLs Diagnostics Orthopedic Equipment Supplies Attendant CareAttendant Care Categories of Need

37 White Female Age 2.0 Life Expectancy = 79.7 years 24 Hour Nursing Care (HOME) $30.50/Hour/LPN Discount Factor = 4.25% Example 37

38 YEAR YEAR MEDICAL 9.9% 11.3% 11.8% 7.7% 9.3% MEDICAL 9.9% 11.3% 11.8% 7.7% 9.3% 38 Annual Inc. Med Costs

39 YEAR YEAR MEDICAL 5.1% 4.3% 4.4% 4.6% 4.7% 4.6% MEDICAL 5.1% 4.3% 4.4% 4.6% 4.7% 4.6% 39 Annual Inc. Med Costs – cont.

40 Model 1: Growth Rate = 2.4% Present Value = $12.1m Model 2: Growth Rate = Discount Rate Present Value = $21.2m Model 3: Growth Rate = 4.5% (25 yrs) Present Value = $25.7M Models 40

41 Verdict Bartow 3/18/2009 $65M 41

42 Verdict Orange County 2/12/2009 $12.5 M 42

43 Verdict Broward Court - Paralyzed Trucker $14.6 M Florida 6/2009 $14.6 M 43

44 Verdict California 10/30/2008 $14.9 M 44

45 Verdict Miami 3/20/2009 $4.6 M 45

46 $25.0 M 46

47 $28.0 M 47

48 $50.0 M 48

49 $51.6 M 49

50 $63 M 50

51 $500 M 51

52 Feedback Poll Jurors Ask Calculators / Charts Deliberations / Pictures 6 weeks later Never Discuss Case

53 Presentation Earning Capacity - Cistern Present Value – Car Loan Court Reporter Interruptions 9-11 – Security Jack Pot Justice Earning Capacity - Cistern Present Value – Car Loan Court Reporter Interruptions 9-11 – Security Jack Pot Justice

54 Blow-Up Printer Laminator Small Projector Hand held Pay Now Links Printer Slides / Overheads MSV Blow-Up Printer Laminator Small Projector Hand held Pay Now Links Printer Slides / Overheads MSV Equipment 54

55 Future Testimony TRAVEL COSTLY Clip MSV / Slides Benefits / Costs

56 MSV

57 CONSULTING ECONOMIST PHONE (561) CELL (561) FAX (561) TOLL FREE (800) CONSULTING ECONOMIST PHONE (561) CELL (561) FAX (561) TOLL FREE (800) BERNARD F. PETTINGILL, PH.D. #93 Sandbourne Lane P.G.A. NATIONAL PALM BEACH GARDENS, FL

58 A VELSHI – B.A. RELIGIOUS STUDIES M BARTIROMO – B.A. JOURNALISM L KUDLOW – B.A. HISTORY L DOBBS – B.A. GENERAL BUSINESS S ORMAN – B.A. SOCIAL WORK E BURNETT – B.A. POLITICAL SCIENCE N CAVUTO – M.A. JOURNALISM Commentators / Credibility 58

59 Stories Homeless Borrowing $$$ Mutual Funds Brooklyn Tunnel Syndrome Bill Port Hole to Port Hole DUCES TECUM Economically Illiterate Nine 0s in a BILLION DOLLAR Practice Target Verdicts – 7 States Especially California


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