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Court Remands for Determination of Separate Asset’s Premarital Value

Appellate court affirms that increase in value of husband’s company is subject to equitable distribution but says trial court erred when it assumed company had zero value on the date of marriage because company then was not profitable; court remands for determination of company’s premarital value.

In Allocation Dispute Related to § 363 Sale, Bankruptcy Court Bridges Experts’ Value Gaps

Bankruptcy court performs allocation analysis to divide proceeds from section 363 asset sale between two competing lenders, finding debtor’s intellectual property is most valuable asset; court notes that, at time of sale, debtor was neither healthy going concern nor subject of forced liquidation.

D.C. Circuit Upholds Remainder-Interest Valuation in Weird Charitable Contribution Case

In charitable contribution case involving remainder interest, D.C. Circuit upholds Tax Court’s value-related findings, including that petitioner did not provide qualified appraisal and did not meet substantiation requirements; valuation here is to be based on FMV, not actuarial tables.

Delaware Chancery Relies on Deal Proposal Valuation in Adjudicating Buyout Dispute

In buyout dispute, court says parties’ letter of intent states buyout conditions; court relies on amount stated in plaintiff’s debt/equity deal proposal to value subject company, finding parties’ trial experts used methods (DCF and asset accumulation) not suited to valuing subject company.

Appreciation in Liquor Company’s Value Represents Marital Property, Appeals Court Finds

Appeals court upholds ruling that appreciation in value of husband’s interest in family liquor business is marital asset; trial court carefully analyzed husband’s role in company to find he “substantially contributed” to the increase and husband stipulated to wife’s substantial contribution.

Court Says Expulsion Price Determination in Louisiana Buyout Dispute Is Triable Issue

In buyout dispute resulting from expulsion of LLC member, court finds state law does not preclude use of discounts in valuing withdrawing LLC member’s interest; company’s operating agreement is ambiguous on how to value expelled member’s interest, court says, leaving issue for jury to decide.

Complete Logistical Services, LLC v. Rulh

In buyout dispute resulting from expulsion of LLC member, court finds state law does not preclude use of discounts in valuing withdrawing LLC member’s interest; company’s operating agreement is ambiguous on how to value expelled member’s interest, court says, leaving issue for jury to decide.

Court Explains Treatment of Undistributed Earnings in Valuing Law Firm Partnership Interest

In valuing husband’s law firm partnership interest, court finds undistributed earnings, even though allocated to husband before separation, are not marital property because money was based on firm’s anticipated net profits; money was not earned during marriage but after parties’ separation.

Burchfield v. Burchfield

In valuing husband’s law firm partnership interest, court finds undistributed earnings, even though allocated to husband before separation, are not marital property because money was based on firm’s anticipated net profits; money was not earned during marriage but after parties’ separation.

Blau v. Commissioner (RERI II)

In charitable contribution case involving remainder interest, D.C. Circuit upholds Tax Court’s value-related findings, including that petitioner did not provide qualified appraisal and did not meet substantiation requirements; valuation here is to be based on FMV, not actuarial tables.

Connecticut Appellate Court Remands Because of Impermissible Double Dipping

Appellate court remands because of trial court’s impermissible double dipping, where trial court awarded wife half of the fair market value of husband’s two solely owned businesses, which represented husband’s sole income stream, and based spousal support on annual income generated by businesses.

Oudheusden v. Oudheusden

Appellate court remands because of trial court’s impermissible double dipping, where trial court awarded wife half of the fair market value of husband’s two solely owned businesses, which represented husband’s sole income stream, and based spousal support on annual income generated by businesses.

Smith v. Promontory Financial Group, LLC

In buyout dispute, court says parties’ letter of intent states buyout conditions; court relies on amount stated in plaintiff’s debt/equity deal proposal to value subject company, finding parties’ trial experts used methods (DCF and asset accumulation) not suited to valuing subject company.

Delaware Supreme Court Reproves Chancery’s Use of Unaffected Market Price in Aruba

Delaware Supreme Court overturns Court of Chancery’s fair value determination based on unaffected market price and awards petitioners deal price minus synergies as determined by company; trial court’s analysis rested on “inapt” agency-costs theory and raised due process and fairness concerns.

Verition Partners Master Fund Ltd. v. Aruba Networks, Inc. (Aruba III)

Delaware Supreme Court overturns Court of Chancery’s fair value determination based on unaffected market price and awards petitioners deal price minus synergies as determined by company; trial court’s analysis rested on “inapt” agency-costs theory and raised due process and fairness concerns.

Fox v. Fox

Appellate court affirms that increase in value of husband’s company is subject to equitable distribution but says trial court erred when it assumed company had zero value on the date of marriage because company then was not profitable; court remands for determination of company’s premarital value.

Court Validates Expert’s Reliance on Pratt’s Stats/DealStats for Sales Transaction Analysis

Appeals court upholds valuation of plaintiff’s interest in dissolved company and jury award; plaintiff expert’s analysis of sales transactions of comparable companies was admissible; Pratt’s Stats/DealStats database provided a reliable basis for expert to identify relevant sales, court says.

Alkayali v. Boukhari

Appeals court upholds valuation of plaintiff’s interest in dissolved company and jury award; plaintiff expert’s analysis of sales transactions of comparable companies was admissible; Pratt’s Stats/DealStats database provided a reliable basis for expert to identify relevant sales, court says.

Gift Tax Case Suggests Overall Acceptance of S Corp Tax Affecting

In gift tax case requiring valuation of minority shares in S corporation, district court accepts application, by all experts, of C corp-level tax rate to company’s earnings; court, with minor DLOM adjustment, credits valuations by taxpayers’ expert, noting his market approach is “the most sound.”

In re Aerogroup International, Inc.

Bankruptcy court performs allocation analysis to divide proceeds from section 363 asset sale between two competing lenders, finding debtor’s intellectual property is most valuable asset; court notes that, at time of sale, debtor was neither healthy going concern nor subject of forced liquidation.

Kress v. United States

In gift tax case requiring valuation of minority shares in S corporation, district court accepts application, by all experts, of C corp-level tax rate to company’s earnings; court, with minor DLOM adjustment, credits valuations by taxpayers’ expert, noting his market approach is “the most sound.”

4th Circuit Says Record Supports Liability and Damages Findings Against ESOP Trustee

In key ESOP case, 4th Circuit affirms liability and damages findings against ESOP trustee; court says trustee’s reliance on ESOP appraiser’s contemporaneous valuation was not “reasonably justified”; district court used correct measure of damages and justifiable methodology, 4th Circuit finds.

Brundle v. Wilmington Trust N.A. (Brundle III)

In key ESOP case, 4th Circuit affirms liability and damages findings against ESOP trustee; court says trustee’s reliance on ESOP appraiser’s contemporaneous valuation was not “reasonably justified”; district court used correct measure of damages and justifiable methodology, 4th Circuit finds.

Marroquin v. Marroquin

Appeals court upholds trial court’s valuation of husband’s vending machine business, finding this one-person operation is akin to sole proprietorship in which any goodwill is attributable to husband’s personal efforts and reputation for competency; court says goodwill is not a marital asset.

No Enterprise Goodwill in One-Person Business, Utah Appeals Court Confirms

Appeals court upholds trial court’s valuation of husband’s vending machine business, finding this one-person operation is akin to sole proprietorship in which any goodwill is attributable to husband’s personal efforts and reputation for competency; court says goodwill is not a marital asset.

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