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A recent Daubert case raised the issue of how closely a damages calculation has to reflect the corporate structure in order to be admissible.

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Technical Advice Memorandum 9736004

PRIVATE RULING 9736004 INTERNAL REVENUE SERVICE NATIONAL OFFICE TECHNICAL ADVICE MEMORANDUM "This document may not be used or cited as precedent. Section 6110(j)(3) of the ...

Plan Confirmation Hinges on Property Valuation

The Bankruptcy Court finds the debtor’s reorganization plan is not feasible because it fails to provide enough funds to pay in full the primary creditor’s secured claim; the plan rested on an improperly low valuation of the property that makes up the majo ...

Court Credits Debtor’s Asset Valuations but Rejects Chapter 11 Plan

Court finds debtor is hopelessly insolvent; court values two types of oil and gas assets under NAV and precedent transaction analyses, respectively, finding, in terms of NAV analysis, debtor’s expert is more credible on issues of pricing, forecasting, risking, and predicting costs.

Connecticut (Dissenter's Rights)

Sec. 33-855. Definitions. As used in sections 33-855 to 33-872, inclusive: (1) "Corporation" means the issuer of the shares held by a dissenter before the corporate action or the surviving or acqu ...

Wisconsin (Dissenter's Rights)

Wisconsin Statute Chapter 180 . Dissenter's Rights can be found in § 1301 through § 1331. You will need Acrobat Reader.

Wisconsin (Judicial Dissolution)

Wisconsin Statute Chapter 180 . Judicial Dissolution can be found in § 1430 through § 1440. You will need Acrobat Reader.

Bankruptcy Court Calls Choice of Comparables ‘Key Value Driver’ in Expert Valuations

Ruling on plan confirmation, Bankruptcy Court finds debtor expert’s determination of total enterprise value of reorganized debtor more credible than committee for unsecured creditors’ expert; in adopting debtor expert’s comparable company analysis, court calls choice of comparables set a “key value driver.”

Daubert Flexible as to Solvency Determination for Multiple Debtor Entities

Court finds Daubert centers on reliability, not persuasiveness, and can accommodate experts’ different approaches to determining solvency in case with multiple debtor entities; court rejects exclusion of expert opinion relying on GAAP-based financials.

SEC’s Daubert Challenge to Securities Valuation Testimony Fizzles

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

Misunderstanding of Facts Results in Overvaluation of Fuel Supply Rights

Debtor’s fuel supply rights had value either in form of an implied contract, customer relationship, or simply an income stream, court says; court does not assign specific value but finds appraiser overstated its value due to misunderstanding of key facts.

In Misappropriation Case, Expert’s ‘Head Start’ Damages Calculation Survives Appeal

In breach of fiduciary duty and misappropriation case, appeals court upholds arbitration award of “head start” damages; expert for employer calculated value to the employee from owing equity in competing company whose valuation was higher because of employee’s misconduct toward former employer.

Post-Confirmation Comm. for Small Loans, Inc. v. Martin

Court finds Daubert centers on reliability, not persuasiveness, and can accommodate experts’ different approaches to determining solvency in case with multiple debtor entities; court rejects exclusion of expert opinion relying on GAAP-based financials.

Why Divorce Valuation Does Not Accord With Chapter 7 Liquidation Analysis

Bankruptcy Court says differing standard of value in divorce and bankruptcy proceedings precludes use of divorce valuation of husband’s interest in dental practice; but valuation based on shareholder agreement accords with Chapter 7 liquidation analysis.

In re Zenith Electronics Corporation, Debtor

At issue are the approval of Zenith's Disclosure Statement and confirmation of Pre-Packaged Plan of Reorganization, including the valuation of Zenith.

Proper Due Diligence Required for Reorganization Plan Confirmation

The U.S Court of Appeals for the Second Circuit reviewed a district court's order to reinstate the automatic stay in a Chapter 11 bankruptcy proceeding. The court found that the debtor's reorganization plan did not have a reasonable possibility of succes ...

Largest creditor holds up debtor's reorganization plan a year after filing

Debtor is in a conflict with its largest creditor over confirmation of a plan of reorganization a year after filing. The Court states: "While we are not prepared to conclude t ...

In re Oneida Ltd.

In reorganization confirmation, Bankruptcy Court rejects DCF analysis for cost of debt based on comparable companies rather than actual exit facility.

In re Spansion

Bankruptcy court finds billion-dollar total enterprise valuation of flash memory manufacturer supports finding that proposed reorganization plan is fair, but declines confirmation pending amendments to equity incentives for management.

Discovered Emails Plus a Contingent Fee Discredit Appraiser’s DCF Analysis

In reorganization confirmation, Bankruptcy Court rejects DCF analysis for cost of debt based on comparable companies rather than actual exit facility.

In the Matter of TCI 2 Holdings, LLC

Bankruptcy court considers key valuation evidence—including total enterprise value, cost of debt, debt service capacity, and capex/EBITDA proections—in confirmation of reorganization plan for Trump casinos.

Court Determines Feasibility Requirements Not Met

The charge of the Bankruptcy Court was to determine whether the requirements for confirmation of a Chapter 13 personal bankruptcy reorganization were met, or whether the Chapter 7 liquidation case should be reopened.

Vision-Park Properties v. Seaside Engineering

District court finds unique risks facing debtor in bankruptcy and emerging from it justify Bankruptcy Court’s increase of proposed discount rate and record supports confirmation of reorganization plan.

Management Projections, DCF Discount Rate, and More Are Key to Bankruptcy Valuation

Bankruptcy court finds billion-dollar total enterprise valuation of flash memory manufacturer supports finding that proposed reorganization plan is fair but declines confirmation pending amendments to equity incentives for management.

Debtor’s Challenges Justify Bankruptcy Court’s Emergence Risk Premium

District court finds unique risks facing debtor in bankruptcy and emerging from it justify Bankruptcy Court’s increase of proposed discount rate and record supports confirmation of reorganization plan.

H.G. Roebuck & Son, Inc. v. Alter Communications

Federal district court reverses bankruptcy court’s confirmation of debtor’s exclusive reorganization plan, finding that expert valuation does not satisfy requirement for actual market valuation under new value exception to absolute priority rule.

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