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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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DCF, Including Tax Affecting and Discounts, May Not Apply to Insolvency Opinions
7th Circuit finds that tax affecting and discounts are inappropriate in an insolvency analysis and that a trustee for securitized assets is an “initial transferee” for purposes of the Bankruptcy’s Code's provisions on preferential transfers.
Startup Businesses Can Prove Lost Profits Without Actual Record of Past Earnings
This was a legal malpractice action with an extremely complicated set of facts, in which plaintiffs claimed that defendants breached their fiduciary duties, causing them millions of dollars in damages.
Valuations Underpin DE Chancery’s Ruling in Going-Private Merger
DE Supreme Court affirms use of business judgment review where controlling stockholder buyout includes two procedural protections for minority and finds valuations from independent financial advisor confirmed merger was favorable to minority stockholders.
Valuations Underpin DE Chancery’s Ruling in Going-Private Merger
DE Chancery adopts business judgment review standard where controlling stockholder buyout includes two procedural protections for minority and finds valuations from independent financial advisor demonstrate merger was favorable to minority stockholders.
Delaware Chancery Confirms Preference for DCF, Distrust of Company-Specific Premium
Delaware Chancery court confirms its preference for a DCF analysis, discredits company-specific risk premium, discusses circular logic behind selection of small-firm risk premium, and rejects value adjustment for post-merger conversion to an S Corp.
Ky. Adopts Majority Rule in Statutory Fair Value Determinations (Shawnee I)
Kentucky Court of Appeals precludes the net asset value method as well as marketability and minority discounts in statutory fair value determination of dissenting shareholder’s interests.
Ky. Adopts Majority Rule in Statutory Fair Value Determinations (Shawnee II)
Kentucky Supreme Court agrees with appellate court regarding the preclusion of minority and marketability discounts in statutory appraisals for dissenters’ actions, but finds that net asset value method is proper to consider along with “generally accepted ...
Entire Fairness of Merger Considered
The Delaware Court of Chancery determined that a fairness opinion, obtained in conjunction with a stock for stock merger, was a fair representation of value to the shareholders.
Value Determination Accords With Parties’ Contract, Chancery Says
Court says valuation firm’s determination of value of defendants’ put units accords with agreement to which plaintiff and defendants committed themselves; since contract does not provide for judicial review, court won’t “second-guess” valuator’s judgment.
Business of patent litigation is booming
Good news for IP litigation experts: business is booming at the top IP law firms, according to the 2011 Patent Litigation Survey by Corporate Counsel.
Valuations Bolster IRS’s Transferee Liability Claim
In transferee liability case, Tax Court finds IRS proved petitioner was liable for causing company’s fraudulent asset transfers and benefitted from intermediary company’s fraudulent transfer; valuations showed company was insolvent at time of transfers.
Shaky Industrial Plant Valuation Survives High Court Review
Tax court adopts taxpayer expert’s value of the loss determination underlying real market valuation of industrial plant; state’s high court affirms but notes unresolved contradiction in financial feasibility analysis underpinning expert’s final valuation.
Patent Damages Disabled by Poorly Designed Surveys
Federal court dismisses all the damages expert in the case, for both parties, for failure to calculate damages based on reliable consumer surveys and the “real world” cost of infringement alternatives.
Litman a New Landmark Among Cases Considering Restricted Stock Discounts
Federal Court of Claims prefers option-pricing models to quantify marketability discounts for large block of restricted internet stock.
Chancery court charts own course in appraisal action
The issue in this appraisal action was the value of the shares of eMachines Inc., a company that provided low-cost computer goods to consumers.
Discount Rate, Management Projections, and More Decide State Fair Value Appraisal Action
Statutory fair value appraisal of automotive company turns on DCF inputs, including discount rate and management projections, plus one expert’s better industry experience and analysis.
Management Buyout Fraught With Flawed ESOP Valuations
Federal district court makes extensive finding regarding breaches of fiduciary duties for ESOP trustees that caused company to enter heavily leveraged buyout despite falling forecasts and flawed valuations marred by manager conflicts of interest.
Astleford Has It All: Latest Tax Court Case on FLP Discounts, Data, and More
In a lengthy opinion, the Tax Court considers the testimony of six appraisal experts, four for the taxpayer and two for the Internal Revenue Service.
BV on Trial in Bankruptcy? New York Court Excludes Appraisal as ‘Junk Science’
Bankruptcy court excludes expert business valuation report for “pervasive bias,” but also reveals possible bias against BV profession as a whole.
Tax, family law matters are still the top revenue generators
Tax and family law matters continue to contribute significant revenues to practitioners and their firms, according to the new 2011/2012 BV Firm Economics & Best Practices Guide ...
Earn last-minute CPE with some of the best
Don’t miss-out on Ron Seigneur (Seigneur Gustafson CPAs) and Pete Peterson’s (Maxfield Peterson, P.C.) webinar “Valuing Law Firms” to air today, June 29th.
Back by popular demand: Business Valuation Basics
One of the best ways to break into your local bar (association) or to connect with local law firms is to offer “BV 101” to its attorney members. A long-time appraiser and attendee at the recent AICPA ...
Fredericks Peebles & Morgan LLP v. Assam
In buyout dispute over law firm interest, court credits firm’s expert, noting his extensive relevant experience, his taking care to value interest under fair market value standard, as required by the partnership agreement, and his detailed risk analysis to support a deep discount.
El Aguila Food Products, Inc., et al. v. Gruma Corporation
The U.S. Court of Appeals for the Fifth Circuit affirmed a district court’s exclusion of a financial expert in this antitrust action because the expert failed to consider the effects of lawful competition and did not consider the comparability of the plaintiff.
Leone v. Owsley
Court says determination of repurchase price of departing partner’s stake is subject to operating agreement giving defendants absolute control over valuation; absent bad faith conduct, court declines to scrutinize appraisals underlying buyout offer.