Though we often think of intangible assets as assets that confer a competitive advantage to their owner, companies often own and employ intangible assets that merely serve to preserve firm value in highly competitive industries. These “routine” intangible assets present unique valuation challenges in the context of fresh start accounting and FAS 141 purchase price allocations. This article outlines three different defensible purchase price allocations for an acquired company that possesses a routine intangible asset.