Fear of the unknown – overcoming resistance to ‘new’ damages models

Fear of the unknown – overcoming resistance to ‘new’ damages models

08 November 2019

After the adoption of a "novel" damages model caused controversy in the Tethyan v Pakistan case, a panel at GAR Live Advanced Damages Workshop explored how best to make a tribunal comfortable with lesser-known models and asked whether labels such as "modern" might be counterproductive.


John Trenor


John A. Trenor has a diverse international practice encompassing international arbitration and dispute resolution. He has represented companies, states, state-owned entities, international organizations, and individuals in a wide variety of disputes in the oil and gas, IT, telecommunications, financial services, pharmaceuticals, aviation, defense, and other industries. Mr. Trenor has advised clients regarding commercial, investor-state, and state-to-state arbitrations governed by civil law, common law, and international law, under a wide variety of arbitration rules and in seats around the world.

Alexander Demuth

Alvarez & Marsal

Alexander Demuth, Co-Head of A&M’s International Arbitration Group and leader of the German Disputes and Investigations practice, is a Managing Director based in Hamburg and Munich. He specializes in advising clients in arbitration, litigation and out-of-court settlement with a focus on post-merger and commercial disputes.

He has almost twenty years’ experience as expert witness, in valuation services, business modeling and transaction services. For more than six years, Mr. Demuth has specialized in providing advice to tribunals and judges, to claimants and respondents, to buyers and sellers and to management and supervisory boards in disputes relating to mergers and acquisitions, shareholder matters or long-term contracts, e.g. supply agreements, license agreements or joint venture agreements.

He has been appointed as expert witness in numerous matters providing expert opinions on damages, accounting and valuation issues, business plan assumptions or prospective financial information.


Ronnie Barnes

Cornerstone Research

Ermelinda Beqiraj


Hayley Boxall

Pinsent Masons

Lucy Greenwood

Greenwood Arbitration

Richard Hern

NERA Economic Consulting

Iain McKenny

Profile Investment

Wolfgang Peter

Peter & Partners

Samantha Rowe

Debevoise & Plimpton

Travis Taylor

Versant Partners

Baiju Vasani

Jones Day


9.00: Welcome coffee and registration

9.30: Chairs' opening remarks

Alexander Demuth, Alvarez & Marsal
John Trenor, WilmerHale

9.45: Session one: How can tribunals work with party-appointed experts to revise damages models?

Party-appointed experts routinely submit Excel spreadsheets or models to calculate damages or present other complex calculations in international arbitrations.  In some cases, experts from both sides submit competing models.  Often the models are extremely complex and cannot be readily manipulated by the tribunal.  This session explores how parties, counsel, and experts can assist tribunals in navigating and understanding these spreadsheets and, in particular, how tribunals can best use the spreadsheets provided by the experts to reach their decisions.  For example, the session will discuss:

  • What would arbitrators like counsel and experts to do when preparing models?
  • What features can counsel and experts include to assist tribunals in understanding the models?
  • What can and should tribunals do if they disagree with certain aspects of the spreadsheet, e.g., a formula or input parameter?
  • What procedures are available to a tribunal to work directly with the party-appointed experts to assist the tribunal before or after a hearing?
  • What considerations and obstacles should a tribunal take into account before seeking that assistance? 

Alexander Demuth, Alvarez & Marsal
John Trenor, WilmerHale 

Ermelinda Beqiraj, PwC 
Hayley Boxall, Pinsent Masons
Richard Hern, NERA Economic Consulting
Wolfgang Peter, Peter & Partners
Baiju Vasani, Jones Day

11.00: Coffee break

11.30: Session two: A trio of hot topics

 In this interactive session, the panel will offer practical advice on dealing with three topical challenges. Each topic will be introduced in detail by a rapporteur with visuals and examples, followed by panel and audience discussion. Audience members are invited to identify topics they would like to see discussed in the run up to the event.

Issues expected to be discussed include:

  • “Modern” DCF analysis
  • Prejudgement interest
  • Interest in post-libor world

Alexander Demuth, Alvarez & Marsal
John Trenor, WilmerHale 

Ronnie Barnes, Cornerstone Research
Lucy Greenwood, Greenwood Arbitration
Iain McKenny, Profile Investment
Samantha Rowe, Debevoise & Plimpton
Travis Taylor, Versant Partners

 12.45: Chairs’ closing remarks

Alexander Demuth, Alvarez & Marsal
John Trenor, WilmerHale

13.00: Networking lunch

14.00: Close of conference

Further information

For further information or sponsorship opportunities, please call +44 203 780 4137 or email


30 Crown Pl, Earl St, London EC2A 4ES

Ticket Prices

Private Practitioner
Type Price
Standard  £350


Type Price
Standard £0