Education & Credentials

  • BA, Business Administration, Accounting – University of Alaska
  • MBA – Boston University Questrom School of Business


Stephen Kempainen has over 30 years of experience in consulting and accounting, including almost 30 years with The Michel-Shaked Group. Prior to joining MSG, Mr. Kempainen was a Senior Auditor at Deloitte & Touche. His practice at MSG includes, but is not limited to, the analysis of bankruptcy, valuation, mergers & acquisitions, economic damages, and securities issues. Mr. Kempainen is a Member of the American Bankruptcy Institute (ABI) and has published articles on mergers, valuation, and securities issues in the Journal of Applied Finance, ABI Journal, and Massachusetts Lawyers Weekly. His current research focuses on topping bids in the context of M&A transactions and fairness opinions.


Mr. Kempainen has managed numerous engagements for law firms, corporate clients and government agencies on issues such as appraisal rights, evaluation of takeover offers and underwriters’ due diligence, risk management policies, and valuation of preferred, fixed income, and complex derivative securities. His clients have included the U.S. Securities & Exchange Commission (SEC) and the Internal Revenue Service (IRS), as well as various other law firms.