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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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Multidisciplinary practice captures state bar interest
As a follow-up to our list of law review articles on the multidisciplinary practice debate, here is a representative list of state bar journal articles also addressing the topic. Pro and con companion ...
Practical guide to mergers and acquisitions
Applied Mergers and Acquisitions, Robert F. Bruner, Wiley Finance, John Wiley & Sons, 2004. 111 River Street, Hoboken, NJ 07030. (201) 748-6011, fax (201) 748-6008, www.WileyFinance.com. $295, 1056 pp., 10.1” x 7.1”, hardcover.
Company Did Not Breach Its Redemption Agreement Because of Diligence of Directors
The defendant did not breach its redemption agreement because a committee of directors, “properly engaged in the judgment-laden task of determining the amount of funds that the company could use for redemptions … [and] determined that using a greater amount of cash to redeem more shares threatened the company's ability to continue as a going concern.” As a result, interest on the asserted obligation back to 2013 was not allowed at 13%, the amount per the agreement.
Delaware Chancery Says Reasonably Sound Sales Process Delivered Fair Value
In an appraisal proceeding, the Chancery finds the deal price minus synergies provides the best evidence of fair value; court says there was an efficient market and the sales process, though not perfect, was able to deliver the value generated in an arm’s-length transaction.
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.
Are You Adding Litigation Support Services? IBA Audio Has Directions
This is how it usually happens: You get a call from a longtime accounting or consulting client, who’s just gotten involved in a lawsuit—a divorce, shareholder litigation, buy-sell or insurance dispute. The client asks if you can take on the related valua ...
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.
Expert’s Damages Opinion Specific Enough for Class Certification Stage
In a securities case, court applies Daubert analysis to plaintiff expert’s market efficiency opinion and event study; expert is qualified even without academic background, and his damages opinion is sufficiently specific to facts of the case and reliable.
Expert’s Valuation of Pork Trademarks Fails to Account for IP’s Limited Use
Court rejects USDA’s decision to keep paying for pork-promoting trademarks that mostly have become functionally obsolescent and replaced by a different slogan; expert’s replacement cost approach to find current value of trademarks is illogical, says court.
The Tennessee Appeals Court Affirms the Trial Court’s Decision to Exclude From the Marital Estate Financial Advisor the Husband’s ‘Book of Business’
One of the main issues in this appeal was how to classify the husband’s “book of business,” i.e., his client relationships, assets under management, and related income. The husband was a financial advisor for UBS. The wife contended the book of business had value that constituted a marital asset. The husband pointed out that UBS now took the position that a financial advisor who left the company cannot take any information with him or her. The court also noted that “deferred cash agreements” were actually bonuses that were marital assets. The appellate court affirmed the trial court’s decision to exclude the book of business from marital assets. The court also affirmed the trial court decision on payment of alimony to the wife “in futuro.”
Chancery Court Determines Value of Shares by Applying Average of GPCM and DCF Methodologies
In a long and complex opinion, the Delaware Court of Chancery determined the value per share of stock in a former stockholder’s appraisal action. The per-share value was reached by ascribing equal weight to adjusted versions of the comparable companies analysis (GPCM) the stockholder advanced and the discounted cash flow analysis the company advanced. The other methodologies were rejected. The use of the GPCM represented the first use of that method in some years.
Court Defends Earlier ESOP Liability and Damages Rulings
Notwithstanding errors related to the court’s liability and damages determinations, the court rejects trustee’s motion for reconsideration as an inappropriate effort to introduce new legal theories and a late attempt to present a competing damages methodo ...
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.
Court Says DOL Claims in ESOP Case Require ‘Fact-Intensive Inquiry’ and Denies Motions for Summary Judgment
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.
Tax Court Favors IRS’s Cost Markup Analysis to Compute Management Fee
In a suit over fees paid by taxpayers’ operating companies to taxpayer-controlled management company, Tax Court says IRS expert’s cost markup analysis produces most credible arm’s-length management fee; this fee represents the allowable deduction amount.
Chancery’s DCF Upends Appraisal Arbitrage Strategy
In statutory appraisal, Chancery relies solely on DCF analysis, noting the instant case involving a bank holding company raises a unique situation in terms of management projections and whether and how to account for creation of excess regulatory capital.
Court Calls Stock Price ‘Most Straightforward’ Indicator of Fair Value
In statutory appraisal proceeding, Court of Chancery says unaffected market price provides “direct evidence of the collective view of market participants” as to target’s fair value whereas deal price minus synergies is a less reliable “indirect measure."
Blind Reliance on Client Data and Wide-Ranging Values Gut New Venture Valuation
In a securities fraud action, appeals court upholds class certification; trial court did not err when it found direct evidence of price impact by way of event study was not necessary to show market efficiency where there was strong indirect evidence.
Plaintiff’s Overbroad Damages Calculation Prompts Court Not to Grant Award for Proven Wrongdoing
Court rejects plaintiff’s damages calculation related to sweeping fraud and contract breach allegations where plaintiff submitted expert report before court’s liability rulings and failed to offer revised expert report after liability trial; damages were not sufficiently tied to proven wrongs.
Survey: Are law firms hiring their BV experts later than ever?
We’d appreciate a few minutes of your time in answering a brief survey: 1. Are you seeing a trend toward law firms hiring later and later? 2. If yes, have you found any ways to counter this trend.
Valuing Architecture and Engineering Firms
BVR's Industry Spotlight Series continues with Valuing Architecture and Engineering Firms. Featuring Ian Rusk and Michael O'Brien, two appraisers with 30 years experience between them in this industry alone, this webinar focuses on the unique valuation challenges inherent in valuing architecture, engineering, and landscape architecture firms. Through their presentation, Rusk and O'Brien show how companies in this industry embody the valuation challenges of both professional services firms and construction firms, with a lack of intangible assets ...
Valuation of Investment Advisory Firms
Investment advisory firms are different from other professional service businesses, and there are important details about the investment advisory industry to consider in the valuation process. In this webinar, expert Warren Burkholder will discuss ownership of a fractional interest in a business entity (usually caused by either divorce or a transfer of interest) and some of the potential encumbrances such as complex contractual and legal rights. This session also covers deals to transfer of a ...
Succession Planning for the Business Valuation & Forensic and Litigation Services Firms and Practice Units
November 16, 2006 Teleconference Transcript; Panel: Ron Seigneur (Moderator), Allan Koltin, Gary Trugman, Ed Dupke and Christine Baker ...
Valuation of Private Equity Firms and Interests
Understanding the technical issues that arise in valuations of private equity firms and private equity fund interests is an advanced skill. Develop and hone that expertise with the help of experts Vladimir Korobov and Peter Rahe. In this webinar, attendees will learn the typical fund management structures and understand the impact of profit participation/carried interest on value. You'll get practical pros and cons about the methodologies including the discrete DCF, Monte Carlo simulation-enhanced DCF, and ...
Valuing Accounting Firms: Unique Factors and Litigation Issues
Join expert appraisers Bryan Rice and Gary Holmes as they discuss the current trends and issues in the valuation of CPA firms, including how to position a practice for sale and how to successfully transition ownership. This program will also cover valuation and damage issues for CPA firms arising in litigation, including buy-sell agreements and personal goodwill.