Attorneys and financial experts joined forces for the first-ever National Economic Damages Virtual Conference to discuss intellectual property damages, COVID-19 damages, forensic evidence, and the ins and outs of appearing in court. Here are a few interesting points:
- If an eligible business didn’t get a PPP loan, it may trigger a mitigation-of-damages issue;
- Courts are asking that valuations be made as current as possible to reflect COVID-19 impacts subsequent to the original valuation date;
- The concept “value of what was taken” has been revived—it first showed up over 100 years ago in court and has now re-emerged;
- Being excluded in court is not a career-ender, and, sometimes, it can be adequately explained;
- Don’t destroy drafts of valuation reports—you could violate spoliation rules (check state law);
- “Stay in your lane,” speakers advise—if something is outside your area of expertise, bring in a specialist to help; and
- Just because you pass a deposition with flying colors does not mean you will not be attacked on the witness stand.
Conference speakers were contributing authors to BVR’s Comprehensive Guide to Economic Damages, 6th edition. More detailed coverage of the conference will appear starting in the July issue of Business Valuation Update.
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