Business Valuation and Bankruptcy

November 2009 Hardcover (262 pages)

Grant T. Stein, Ian Ratner, John C. Weitnauer

John Wiley & Sons, Inc.

An essential guide to business valuation and bankruptcy this publication helps you-whether you are an accountant dealing with a troubled company, a lender, an investor, a bankruptcy and restructuring lawyer/financial advisor, or a private equity player-to focus on solving everyday and case determinative disputes when creditors, lenders, and debtors have differing views of value.
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Table of Contents

Preface.

Chapter 1 Introduction
The Troubled Company Continuum
Operational and Financial Disstress
The Troubled Company Response
Valuation in Reorganization or Bankruptcy
Conclusion

Chapter 2 Industry Practitioners and Standards
Professional Organizations and Business Valuation Standards
Business Valuation Practitioners and Certifications
Conclusion
Notes

Chapter 3 The Basics of Business Valuation
The Purpose of the Valuation
Standard of Value
Premise of Value - Going Concern or Liquidation
Valuation Approaches
Fundamentals
Conclusion
Notes

Chapter 4 Income Approach
Discounted Cash Flow Method
Capitalized Cash Flow Method
Conclusion
Notes

Chapter 5 Market Approach
Guideline Company Method
Comparable Transaction Method
Conclusion

Chapter 6 United States Bankruptcy Code
Introduction to the Structure of the Bankruptcy Code
Commencement of a Bankruptcy Case and Filing of Schedules
Chapter 7 of the Bankruptcy Code
Chapter 11 of the Bankruptcy Code
Avoiding Powers under the Bankruptcy Code – Preferences
Avoiding Powers under the Bankruptcy Code - Fraudulent Transfers
Valuation Principles from the Bankruptcy Courts
Conclusion
Notes

Chapter 7 Valuations in Bankruptcy as of the Date of the Hearing
Introduction
Relief from the Automatic Stay and Adequate Protection
§ 363 Sales
Use of Cash Collateral
Disclosure Statement
Plan Confirmation – Feasibility
Plan Confirmation – Best Interests of Creditors Test
Plan Confirmation – Cram Down
Conclusion
Notes

Chapter 8 Valuations in Bankruptcy at a Time in the Past - Avoidance Actions
Overview
Avoidance Actions – Preferences
Avoidance Actions - Fraudulent Transfers
The Applicable Legal Tests for Insolvency
Insolvency Test: The Valuation of Debts
The Insolvency Test: Valuation of Assets
Proof of Insolvency by Retrojection
The Insolvency Test: Comparing Assets and Debts
Is the Public Market's Assessment in the Past Conclusive Proof of Solvency, Even If the Company Later Fails?
Use of Hindsight in the Valuation Process
Conclusion
Notes

Chapter 9 Solvency Opinions
Introduction
Who uses Solvency Opinions?
Solvency Opinion Preparation
Solvency Metrics
Case Studies
Conclusion
Notes

Chapter 10 Daubert
Challenges to Experts or Their Testimony
Lack of Relevance
Practical Lessons from Daubert Cases for Experts and Lawyers
Conclusion
Notes

Appendix
AICPA Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset
Index