over thirty years establishing the value of projects, companies, partial interests,
debt, equity and warrants have been an integral part of the work performed by
Thornburg who holds an MBA in quantitative analysis. Projects have ranged in size
from a million dollars to several billion dollars in the case of large scale energy
and mining projects. The work has included the valuation of acquisitions and divestitures,
establishing rate case documentation for electric and gas utilities, analyzing
the effectiveness of alternative tax structures for both corporations and partnerships,
determining the value of partial interests in closely held companies and value
enterprises for debtors in possession.
connection with his project financing investment banking activities Thornburg
developed unique main frame based software models for large scale models that
were used on a time share basis by some of the largest companies in the world.
Clients included natural resource companies (Gulf Oil, Cyprus Mining, Standard
Oil of Indiana, CODELCO Chile, Great Basins Petroleum Corp.), paper companies
(Jefferson Smurfit), utilities (Central Hudson Gas & Electric Co.) and independent
refineries (eight West Coast based companies). He co-authored the Financial Analysis
section of the American Society of Mining Engineers' Surface Mining Handbook.
Thornburg has developed a series of proprietary
PC based programs for use in the valuation of debt, equity, warrants and corporate