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Stay appraised of all the latest business considerations in the jewelry industry! The report explains how jewelry stores operate, the nature of their revenue streams, value drivers, the industry environment, the risks involved, and other key factors.
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United States ex rel. Landis v. Tailwind Sports Corp.
In Daubert case, court finds government’s combined expert testimony concerning financial impact of negative publicity on sponsor (USPS) of Lance Armstrong and his cycling team provides “sufficiently non-speculative framework for determining damages.”
In re Tesla Motors Stockholder Litig.
At issue was a 2016 acquisition of Solar City Corp. by Tesla. Some Tesla shareholders claimed that Musk caused Tesla to overpay for Solar through his alleged domination and control of Tesla’s board. The primary focus of the shareholders was that Solar was insolvent at the time of the acquisition. The court applied the “entire fairness” standard. The Court of Chancery found the acquisition to be “entirely fair.” The Delaware Supreme Court affirmed the Court of Chancery decision.
LongPath Capital, LLC v. Ramtron International Corp.
In appraisal arbitrage case, Chancery finds merger price adjusted for synergies is best indicator of fair value of company; dissenter’s DCF value rests on unsound management projections and its comparable transactions analysis uses too few data points.
Estate of Michael J. Jackson v. Commissioner
Tax Court mostly sides with estate of late superstar in valuing three contested assets; assets had to be valued separately, based on parties’ stipulations, and at death; court says Jackson’s “tattered” image and likeness meant he earned little money apart from his music; court rejects tax affecting.
In re Appraisal of Regal Entertainment Group
In a merger action involving a publicly traded company, dissenting shareholders sued for a higher value than the deal consideration. Under the applicable appraisal jurisprudence, the court calculates fair value using the deal price minus synergies and adjusting for the change in value of the target between the signing and closing of the transaction.
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.
Scalia v. Reliance Trust Co.
In an evolving ESOP case, court says DOL’s allegations that ESOP trustee and various directors engaged in breaches of fiduciary duties and caused the ESOP to enter a prohibited transaction (i.e., overpaid for company stock) require “fact-intensive inquiry” and cannot be resolved on summary judgment.
Weisfelner v. Blavatnik (In re Lyondell Chem. Co.)
Court says trustee fails to show debtor was insolvent under any applicable financial condition tests; contemporaneous industry analysis and valuations by financing banks belie claim that management projections in support of merger were unreasonable.
Pizzella v. Vinoskey (I)
Trial court finds ESOP trustee liable for causing plan to overpay for company stock; trustee failed to adequately respond to red flags in ESOP appraisal and did not act solely in the interest of ESOP, court says; owner is liable for accepting price he knew to be above stock’s fair market value.
Fish v. GreatBanc Trust Co.
Court says defense expert opinion provides “credible and persuasive” support for court’s conclusion that ESOP financial advisor produced sound fairness and valuation opinions prior to contested transaction; there was no overpayment for stock at issue.
Survey: Small biz expects to do well in 2019
Small businesses are doing very well, and 70% say they expect to increase profits over the next 12 months, according to Accounting Today’s inaugural “Small Business Accounting Insights Survey” of over 1,000 owners and leaders from small businesses.
BV movers . . .
Eliott “Eli” Wilson was honored by the National Academy of Public Accounting Professionals as one of the 2015 “Top 10 Public Accounting Professionals” in West Virginia.
New edition of cannabis market research guide
For business appraisers who are valuing firms in the cannabis industry, The State of Legal Marijuana Markets, 7th edition, is now available.
Expert predicts continued PE push into accounting
Recently, EisnerAmper became the first top 20 accounting firm involved in a private equity deal.
Urge to merge? Look beyond the numbers
For some BV firms to grow, it’s a matter of acquire or be acquired.
Market research for the cannabis industry
Business appraisers who are valuing firms in the cannabis industry have a new resource for market research: The State of Legal Marijuana Markets, which is published by ArcView.
Koltin’s eye-opening remarks at the NACVA conference
Allan Koltin (Koltin Consulting Group) has served as an adviser and broker on many of the biggest M&A deals in the accounting space.
April blossoming with CPE events
There’s something for everyone in this month’s crop of CPE events.
BV movers …
Don McLean, based in the Baton Rouge office of Postlethwaite & Netterville, was promoted to associate director in the Accounting and Assurance Services Group ...
BV movers . . .
Wayne Berson was re-elected to a second term as CEO of BDO USA; during his initial four-year term, Berson has led the firm to 70% growth in revenue and merged in 13 firms in 20 new cities.
New survey suggests more CPA firms now offer BV
Over a third (36%) of CPA firms say they now offer business valuation services, up from 22% last year, reveals a new survey.
BV movers . . .
Steven Boyles was appointed co-chair of the Forensic Accounting & Litigation Support specialty group of The International Accounting Group (TIAG).
BV movers . . .
Michael Collier has joined Duff & Phelps as a managing director in Houston.
BV movers . . .
Pittsford, N.Y.-based The Bonadio Group named Kristen Gill Clark as OMP of Syracuse, N.Y.
BV movers . . .
Apple Growth Partners (AGP) looks to grow its ESOP practice with the addition of Matthew Silla as senior manager of business valuation; he’s in the Cleveland office.