Remember Bruce Bingham’s challenge to business appraisers regarding the difference between fair value and fair market value? (See BVWire #47-3) Well, we received a wealth of rich and informative responses, just another indication of how insightful—and interactive—the BV community can be.

We’ve also succeeded in tracking down the busy Mr. Bingham, who just came back from the recent CICBV/ASA joint business valuation conference in Canada, where he presented the latest update from the International Valuation Standards Committee. (See BVWire #49-4) In clarifying the original challenge, he explains, “I intended the issue to be fair value as defined by FASB,” not fair value as defined in state shareholder dissent cases. Bingham’s challenge is still good: Page one in Business Valuation Review will go to any appraiser who can cite “a specific instance where fair market value and fair value are different.” Email your answers to the BVWire editor.