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In appraisal action involving sale of public company, court says sale process had “objective indicia of reliability,” justifying use of deal price for fair value determination. 

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Clark v. Clark

On use of marketability and minority discount in valuing wife’s minority interest in husband’s company, state Supreme Court rejects bright-line rule, noting importance of case-by-case analysis and giving trial court flexibility in apportioning assets; fair market value standard drives valuation.

South Carolina Supreme Court Rejects Categorical Approach to Discounts in Divorce Valuations

On use of marketability and minority discount in valuing wife’s minority interest in husband’s company, state Supreme Court rejects bright-line rule, noting importance of case-by-case analysis and giving trial court flexibility in apportioning assets; fair market value standard drives valuation.

Robinson v. Langenbach

State high court upholds trial court’s use of DLOM and minority discount in buyout of minority interest resulting from shareholder oppression; court says there is no “fixed set of factors” trial court must consider for fair value calculation; “context is crucial” and here justified discounts.

High Court Says Context Supports Use of Discounts in Buyout From Shareholder Oppression

State high court upholds trial court’s use of DLOM and minority discount in buyout of minority interest resulting from shareholder oppression; court says there is no “fixed set of factors” trial court must consider for fair value calculation; “context is crucial” and here justified discounts.

Hartman v. BigInch Fabricators & Construction Holding Co., Inc.

In dispute about valuation of terminated shareholder’s minority interest, appeals court finds the trial court erred when it allowed discounts for lack of control and marketability; under controlling case law, discounts are inappropriate where the buyback is mandatory and to the controlling party.

In Mandatory Buyback, Indiana Appeals Court Disallows Use of Discounts

In dispute about valuation of terminated shareholder’s minority interest, appeals court finds the trial court erred when it allowed discounts for lack of control and marketability; under controlling case law, discounts are inappropriate where the buyback is mandatory and to the controlling party.

Horne-Ballard v. Ballard

In divorce case, Alabama appeals court upholds trial court’s admission of calculation of value from qualified expert for medical practice; appeals court agrees with lower court that objections to methodology go toward weight and expert’s credibility; court lets earlier Rohling decision stand.

J&M Industries, Inc. v. Raven Industries, Inc.

Court admits most of damages expert’s reasonable royalty opinion, finding expert properly apportioned out value of nonpatented features in calculating royalty rate; expert’s use of industry-specific data from ktMINE database was reasonable and sufficiently tied to facts of the case, court says.

Alabama Appeals Court Affirms Calculation of Value Is Admissible and Lets Rohling Stand

In divorce case, Alabama appeals court upholds trial court’s admission of calculation of value from qualified expert for medical practice; appeals court agrees with lower court that objections to methodology go toward weight and expert’s credibility; court lets earlier Rohling decision stand.

Court Finds Use of Industry Licensing Data Reasonable and Relevant to Expert’s Reasonable Royalty Opinion

Court admits most of damages expert’s reasonable royalty opinion, finding expert properly apportioned out value of nonpatented features in calculating royalty rate; expert’s use of industry-specific data from ktMINE database was reasonable and sufficiently tied to facts of the case, court says.

Sultan v. Malik

Appeals court upholds trial court’s valuation of accounting firm based on asset approach where prevailing expert added goodwill value as intangible; court says intrinsic standard of value does not mandate use of income approach for service-based entity.

Court Approves of Adding Goodwill as Intangible in Asset-Based Valuation of Accounting Practice

Appeals court upholds trial court’s valuation of accounting firm based on asset approach where prevailing expert added goodwill value as intangible; court says intrinsic standard of value does not mandate use of income approach for service-based entity.

Reynolds American Inc. v. Third Motion Equities Master Fund Ltd.

In appraisal action involving merger of public (tobacco) company, court, guided by key Delaware court decisions, says deal price best reflects fair value and represents upper limit; contemporaneous valuations based on comparable companies, precedent transactions, and DCF support use of deal price.

North Carolina Court Says Deal Price Represents Upper Limit of Tobacco Company’s Fair Value

In appraisal action involving merger of public (tobacco) company, court, guided by key Delaware court decisions, says deal price best reflects fair value and represents upper limit; contemporaneous valuations based on comparable companies, precedent transactions, and DCF support use of deal price.

Binghamton Precast & Supply Corp. v Liberty Mutual Fire Insurance Co.

In dispute over business interruption insurance coverage, appellate court says plaintiff showed actual loss of business income within meaning of controlling policy; court rejects defendant’s argument that plaintiff had to show lost sales, saying this is not a reasonable interpretation of policy.

Court Affirms Plaintiff’s Showing of Loss of Income Pursuant to Business Interruption Policy

In dispute over business interruption insurance coverage, appellate court says plaintiff showed actual loss of business income within meaning of controlling policy; court rejects defendant’s argument that plaintiff had to show lost sales, saying this is not a reasonable interpretation of policy.

5th Circuit Upholds Tax Court’s Characterization of Interest and Discount Rulings

5th Circuit affirms Tax Court’s ruling that decedent’s transferred interest is limited partner, not an assignee, interest; appeals court says estate’s related challenge to Tax Court’s valuation reflects disagreement with characterization of interest, not value computation; valuation holds up.

Estate of Streightoff v. Commissioner (II)

5th Circuit affirms Tax Court’s ruling that decedent’s transferred interest is limited partner, not an assignee, interest; appeals court says estate’s related challenge to Tax Court’s valuation reflects disagreement with characterization of interest, not value computation; valuation holds up.

Optical Works & Logistics, LLC v. Sentinel Ins. Co.

In business interruption case, court denies insurer’s summary judgment motion, finding plaintiff’s breach of contract suit raises many issues of material fact, including whether plaintiff’s fledgling business was ever viable and, but for insurer’s refusal to pay claim, could have resumed operations.

Business Interruption Claim Raises Triable Issue as to Viability of New Business, Court Finds

In business interruption case, court denies insurer’s summary judgment motion, finding plaintiff’s breach of contract suit raises many issues of material fact, including whether plaintiff’s fledgling business was ever viable and, but for insurer’s refusal to pay claim, could have resumed operations.

Edelson v. Cheung

In business dispute alleging breach and fraud, court adopts plaintiff expert’s methodology to value contested interest by way of the market approach; court notes expert well explained why the income approach was not available and the asset approach was too limited to provide an accurate valuation.

Court Agrees Market Approach Generates Most Accurate Value of Plaintiff’s Interest

In business dispute alleging breach and fraud, court adopts plaintiff expert’s methodology to value contested interest by way of the market approach; court notes expert well explained why the income approach was not available and the asset approach was too limited to provide an accurate valuation.

Bayou Place Limited Partnership v. Alleppo’s Grill, Inc.

In rent payment dispute, court rejects defendant restaurant’s force majeure claim that devastating hurricane was act of God that interfered with restaurant’s use of property and excused performance where lease did not contain force majeure provision and rent payments stopped before storm.

Defendants’ Force Majeure Defense Related to Hurricane Devastation Does Not Excuse Breach of Contract

In rent payment dispute, court rejects defendant restaurant’s force majeure claim that devastating hurricane was act of God that interfered with restaurant’s use of property and excused performance where lease did not contain force majeure provision and rent payments stopped before storm.

Grieve v. Commissioner

In gift tax dispute, Tax Court rejects IRS expert’s valuation of noncontrolling, nonmarketable interests in two LLCs; expert proposed valuation theory and method were intended to lower opposing experts’ minority and marketability discounts but lacked support in facts, case law, or among peers.

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