Redmond v. NCMIC Fin. Corp. (In re Brooke Corp.)

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May 15, 2017

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6411 Insurance Agents, Brokers, and Service
524210 Insurance Agencies and Brokerages
bankruptcy
expert testimony, fair market value (FMV), market approach, solvency, balance sheet, guideline publicly-traded company method, guideline transaction method, avoidable transfer
Redmond v. NCMIC Fin. Corp. (In re Brooke Corp.)
2017 Bankr. LEXIS 1320
US
Federal Court
Federal
United States Bankruptcy Court
R. Larry Johnson, Kent E. Barrett (trustee); John Tittle Jr. (defendant)
Somers

Summary

Court credits trustee expert’s analysis of debtor’s balance sheet, finding the expert showed debtor’s practice of immediate recognition of initial franchise fees as revenue violated GAAP and debtor was continuously insolvent; transfers are avoidable.
Redmond v. NCMIC Fin. Corp. (In re Brooke Corp.)
PDF, Size: 250 KB

See Also

Solvency Determination Turns on Income Recognition Analysis

Court Case Digests
May 15, 2017

Court credits trustee expert’s analysis of debtor’s balance sheet, finding the expert showed debtor’s practice of immediate recognition of initial franchise fees as revenue violated GAAP and debtor was continuously insolvent; transfers are avoidable.

This article also appears in:
Business Valuation & Bankruptcy Compendium, Third Edition