Highlights of the June 24 issue:
  • Initial takeaways from NACVA’s Virtual Super Conference
  • North Carolina court looks to deal price for fair value in tobacco merger
  • Latest SEC comment letter trends in PwC analysis
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Initial takeaways from NACVA’s Virtual Super Conference

NACVA held the first major multiday multitrack conference of the year online all last week, and BVWire attended all week via the Zoom platform.

North Carolina court looks to deal price for fair value in tobacco merger

The importance of Delaware appraisal jurisprudence beyond state borders was on display in a recent fair value decision out of North Carolina related to a merger involving the tobacco giant Reynolds.

Latest SEC comment letter trends in PwC analysis

Valuable information can be gleaned about fair value measurement issues from comment letters the SEC sends after it reviews public companies’ financial statements and disclosures.

2020 Johnson/Park DLOM study is now available

The Johnson/Park empirical method to estimate a discount for lack of marketability (DLOM) is the third most popular method business appraisers use for this purpose, according to a BVR survey.

Global BV News: Auditors seek multiple scenarios for COVID-19 impact

To evaluate the possible outcomes of COVID-19 on valuation, auditors are looking for multiple scenarios for projections, reports a panel on a newly released webinar, June 2020 Update—COVID Webinar.

BV movers . . .

Katie Gilden, CPA/ABV/CFF, CFE, CVA, has been promoted to chief operating officer at Fiske and Co. (Fort Lauderdale, Fla.).

CPE events

Healthcare Valuation Town Hall: Four Expert Panel on COVID-19 Impacts and Beyond. June 24, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Jerry Chang (Ankura), W. James Lloyd (PYA), Mark Dietrich (Mark O. Dietrich CPA, PC), and Todd Sorensen (VMG Health).

ASA Fair Value Virtual Conference airs live June 18

Any practitioner involved in fair value should tune in to the first-ever ASA Fair Value Virtual Conference tomorrow, June 18.

Porter Award recipients announced at NACVA confab

This week, BVWire is attending NACVA and the CTI’s 2020 Business Valuation and Financial Litigation Super Conference (online of course), where the recipients of this year’s Thomas R. Porter Lifetime Achievement Award have been named.

Global BV News: D&P examines ‘breaking point’ for global firms

Almost half (47%) of alternative investment fund managers polled by Duff & Phelps say that three months is the “breaking point” at which the current economic restrictions impair the ability of businesses to resume business as usual after the lockdown.

BV movers . . .

Audra M. Moncur, CPA, ABV, and Paul D. Ouweneel, CFA, CPA, CFP, have been promoted to partner at Milwaukee-based Wipfli.

CPE events

Healthcare Valuation Town Hall: Four Expert Panel on COVID-19 Impacts and Beyond, June 24, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Jerry Chang (Ankura), W. James Lloyd (PYA), Mark Dietrich (Mark O. Dietrich CPA, PC), and Todd Sorensen (VMG Health).

The CFNAI plunged to -16.74 in April

The Chicago Fed’s National Activity Index (CFNAI) came in at -16.74 in April, down from a revised -4.97 in March (see chart below).

NCEO amicus brief supporting dismissal of case details benefits from ESOP participation

The National Center for Employee Ownership (NCEO) also filed an amicus brief in which it supports the dismissal of the Lee case that is currently on appeal with the 4th Circuit.

ASA files amicus brief in Lee case, discussing FMV concerns in ESOP litigation

Responding to the appeal in the Lee case, the American Society of Appraisers recently filed an amicus brief supporting the dismissal of the case.

Takeaways from the NYSSCPA BV/Litigation conference

Conference season is here but, of course, in virtual form due to the pandemic.

AICPA issues FAQs on valuation considerations related to the CARES Act

The latest in a series of very useful material from the AICPA is a document that includes FAQs that address questions about the impact of the CARES Act on business valuation.

SOS: Pepperdine Private Capital Markets Project needs funding

Some appraisers feel that using public market data when estimating the cost of capital for a private company requires too many assumptions and adjustments to convert data from actively traded stocks into proxies for private-company valuation.

Digging into COVID-19 is the key to understanding its impact on BV

Healthcare valuation expert Mark Dietrich (Mark O. Dietrich CPA, PC) has done over 100 hours of research digging into the “science” of COVID-19—its origin, how it spreads, protection methods, testing, and so on.

Sessions we’re eyeing at NACVA’s upcoming conference

We’re still going through the agenda for next week’s NACVA and the CTI’s 2020 Business Valuation and Financial Litigation Super Conference June 15-19 to choose from the 55 sessions that will be presented in a virtual format.

Global BV News: IVSC issues third and final paper on goodwill amortization vs. impairment

A new paper offers some suggestions for enhancing the goodwill impairment framework in order to improve the information the framework provides.

BV movers . . .

Pablo Alfaro, CFA, has joined Valuation Research Corp. (VRC) as a senior vice president in the Complex Securities Group in the firm’s New York City office.

ASA announces election results

Congratulations to the members of the American Society of Appraisers (ASA) who were recently elected to leadership positions.

ESOP trustee defends dismissal of lawsuit and rejects comparison to Brundle

In response to the plaintiff’s appeal in the Lee ESOP case, the defendant trustee said the district court’s dismissal of the case for lack of standing was appropriate.

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