Adjusting Appraisals, Court Estimates ESOP Target’s Value

Business Valuation UpdateVol. 19 No. 9
Legal and Court Case Update
September 2013

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4225 General Warehousing and Storage
493110 General Warehousing and Storage
ESOP valuations
damages, discounted cash flow (DCF), market approach, esop association, erisa
Chesemore v. Alliance Holdings, Inc. (II)
2013 U.S. Dist. LEXIS 80969
June 4, 2013
US
Federal Court
Wisconsin
United States District Court
Stout Risius Ross, Inc, (ESOP appraisers); Barnes Wendling (fairness opinion); RSM McGladrey, Inc. (BV consultant to ESOP trustees); Alpha Investment Consulting, LLC (independent advisors to ESOP trustees)
Conley

Summary

After determining defendants breached fiduciary ERISA duties in ESOP transaction, the federal court adjusts two nearly contemporaneous valuations of the target company to arrive at a “reasonable estimate” of the target’s fair market value ...

See Also

Chesemore v. Alliance Holdings, Inc. (II)

Full Text of Court Cases
June 4, 2013

After determining defendants breached fiduciary ERISA duties in ESOP transaction, the federal court adjusts two nearly contemporaneous valuations of the target company to arrive at a “reasonable estimate” of the target’s fair market value and the plaintif ...