On behalf of a major Italian Court, we have completed our first report concerning a forensic investigation into a series of transactions (various acquisitions and three mergers) that were done, during a whole decade, by a an internet data and voice provider that went bankrupt sometimes ago. The bankruptcy receiver has taken a legal proceeding against former IP provider’s management arguing that they made said transactions at prices that were unfair and that they presented financial statements of the company that did not record and disclose subsequent impairment lossess. Action has been taken also against the members of the statutory board of auditors of the company for allegedly failing in performing orderly and appropriately their duties. A considerable part of our activity has consisted in reviewing the valuations made by the experts that the IP provider had hired in view of said transactions. Our approach has been to review such valuations in a “retrospective way”, i.e. considering only information that were avaialbe and facts that could have been known at the time they were performed. We have now sent our report to the parties, which, according to Italian civil law procedure code, par. 195, will have a few weeks to submit to us their reply before we issue our final statement for the Court.