The Use of Management Projections for Valuations
Table of Contents
- It’s Hard to Predict, Especially about the Future
By James Catty, MA, CA, CPA, CFA, CBV, CFE
- Valuator’s Role in Assessing Management Projections
By Teri Lombardi Yohn, Ph.D., B.Sc.
- The Use of Forecasts and Projections by Valuation Specialists When Performing Services for Financial Reporting Purposes
By Anthony V. Aaron, CFA, ASA
- Management Projections, Always Suspicious, Now Receive Even More Review
- Advice to Debtors—and Creditors—for Valuation Disputes in Bankruptcy Litigation
By Daniel Perry & Alisa Schlesinger
- Advanced Workshop on Management Forecasts and Projections
Business Valuation Resources, May 5, 2011/10:00 a.m. PT
Christine L. Baker, ParenteBeard LLC &
Cynthia B. Rubin, Flemming Zulack Williamson Zauderer LLP
- Abstracts of Court Cases Involving Management Projections .
- Summary of Case Abstracts Sorted by State/Jusisdiction .
- Albert Trostel & Sons Co. v. Notz .
Discount rate, management projections, and more decide state FV appraisal action
- American Classic Voyages Co. v. JP Morgan Chase Bank (In re American Classic Voyages Co.)
Solvency valuation turns on reliability of pre-9/11 projections
- Aukeman v. Aukeman .
Which is more credible: an owner’s projections or those used for financing?
- Bero Motors, Inc. v. General Motors Corporation .
Lost profits award based on comparable dealerships and management projections affirmed
- Cede & Co., et al. v. Technicolor, Inc. .
Management’s projections figure heavily in dissenting shareholder action Crescent/Mach I Partnership v. Turner .
- Del. Chancery’s preference for DCF turns on credible projections
- In Re Cysive, Inc. Shareholders Litigation .
Management’s projection deemed unreliable
- Craig Alan Dunn v. Matrix Exhibits, Inc.
Value of ownership interest based on pre-valuation date transaction and owner’s projections of future revenues
- In re the Marriage of Dye .
Experts in Indiana agree on DCF discount rate, projections at issue
- In re Emerging Communications, Inc. Shareholders Litigation .
Management projections and cost of capital considered
- In re Global Technovations, Inc.
Insolvency analysis hinges on reasonableness of projections
- Gray v. Cytokine PharmaSciences, Inc.
Experts rejected for conflict of interest and failure to use management projections
- Insignia Systems, Inc. v. News America Marketing In-Store, Inc.
After passing Daubert, lost profits expert may have won settlement for client
- Maric Capital Master Fund, Ltd. v. Plato Learning, Inc.
Merger prospectus criticized for misleading discount rate & management projections
- Natural Balance Pet Foods, Inc. v. Chenango Pet Foods, Inc.
Lost profits based on management projections
- In re Nellson Nutraceutical .
Experts left ‘in the dark’ by deliberately manipulated management projections
- Parlour Enterprises Inc. v. The Kirin Group .
Court outlines key factors in calculating lost profits for un-established business
- Schooltz v. Schooltz .
Lack of reliable evidence results in remand for value
- In re Spansion .
Mgmt. projections, DCF discount rate, & more are key to bankruptcy valuation
- Structural Polymer Group, Ltd. v. Zoltek Corp.
Managements’ projected lost profits calculations withstand appeal
- Sun Insur. Marketing Network, Inc. v. AIG Life Insur. Co.
Expert report stricken; lost profits projection too speculative
- Susan Fixel, Inc. v. Rosenthal & Rosenthal, Inc. .
Forecasts of future revenue, alone, insufficient to determine market value
- Michael F. Taylor v. American Specialty Retailing Group, Inc. .
Management projections given weight in DCF valuation
- U.S. Salt, Inc. v. Broken Arrow, Inc.
Are damages opinions based ‘almost exclusively’ on management opinions too unreliable?
- Victory Records, Inc. v. Virgin Records America, Inc.
Lessons from Daubert: verify client projections, comparables, & causation
- In re Yellowstone Mountain Club, LLC
Experienced bv expert manipulated by resort owner and attorneys?