Construction: Municipal
This industry comprises establishments primarily responsible for the construction (including new work, additions, alterations, maintenance, and repairs) of commercial and institutional buildings and related structures, such as stadiums, grain elevators, and indoor swimming facilities. This industry includes establishments responsible for the on-site assembly of modular or prefabricated commercial and institutional buildings. Included in this industry are commercial and institutional building general contractors, commercial and institutional building for-sale builders, commercial and institutional building design-build firms, and commercial and institutional building project construction management firms.
Dawson v. Dawson
The court of appeals, in an Arizona divorce case, affirmed the decision of the Superior Court to accept the wife’s expert’s value of the husband’s business. The wife’s expert used a three-year look back average of cash flows, while the husband’s expert utilized the most current year’s cash flow.
Court Chooses Three-Year Average Cash Flow Over Single to Determine Value of Husband’s Business—Appellate Court Affirms
The court of appeals, in an Arizona divorce case, affirmed the decision of the Superior Court to accept the wife’s expert’s value of the husband’s business. The wife’s expert used a three-year look back average of cash flows, while the husband’s expert utilized the most current year’s cash flow.
In re Marriage of Sommerville
This Iowa divorce case dealt with an appeal by the wife of the determined earnings of the husband and awards of child support and spousal maintenance. She also contended that the husband dissipated marital assets by failing to pay taxes and incurring penalties and interest. The appellate court determined that the trial court erred in determining the husband’s income and thus remanded for redetermination of child support and spousal support awards. The appellate court also affirmed the determination that the husband did not dissipate marital assets and affirmed the property division. Issues of evidence to determine income or earnings were also discussed.
Appellate Court Remands for New Determination of Husband’s Earnings, Affirms No Dissipation of Assets
This Iowa divorce case dealt with an appeal by the wife of the determined earnings of the husband and awards of child support and spousal maintenance. She also contended that the husband dissipated marital assets by failing to pay taxes and incurring penalties and interest. The appellate court determined that the trial court erred in determining the husband’s income and thus remanded for redetermination of child support and spousal support awards. The appellate court also affirmed the determination that the husband did not dissipate marital assets and affirmed the property division. Issues of evidence to determine income or earnings were also discussed.
Mamone v. Mamone
The Nevada appellate court affirmed the trial court’s use of the Pereira method of determining the value of separate property included in the total value of the husband’s business. It was clear that the value increase in the business during the marriage was due in large part to the efforts of the husband. The “excess value” of the business over the separate property value was included in the community property. The appellate court also affirmed the ruling of the trial court that no community expenses incurred during the marriage were paid from the separate property of the husband and the husband was, therefore, not entitled to any reimbursement of those community expenses.
Nevada Appellate Court Affirms Value of Husband’s Business and His Separate Property Value in the Business
The Nevada appellate court affirmed the trial court’s use of the Pereira method of determining the value of separate property included in the total value of the husband’s business. It was clear that the value increase in the business during the marriage was due in large part to the efforts of the husband. The “excess value” of the business over the separate property value was included in the community property. The appellate court also affirmed the ruling of the trial court that no community expenses incurred during the marriage were paid from the separate property of the husband and the husband was, therefore, not entitled to any reimbursement of those community expenses.
In re Marriage of Bainbridge
In this Iowa appellate case regarding a marital dissolution, the appellate court affirmed the decision of the trial court judge as to the value of the husband’s construction company. The wife’s expert used a valuation date of Dec. 31, 2020, versus trial date of December 2021 because of availability of information on the business.
Value of Husband’s Business Affirmed Based on Trial Judge’s Reasonable Discretion
In this Iowa appellate case regarding a marital dissolution, the appellate court affirmed the decision of the trial court judge as to the value of the husband’s construction company. The wife’s expert used a valuation date of Dec. 31, 2020, versus trial date of December 2021 because of availability of information on the business.
Lysengen v. Argent Trust Co.
ESOP plaintiff’s proposed class action against trustee and selling shareholders survives motion to dismiss; court says complaint gave enough facts to support claims of overpayment and breach of fiduciary duty; defendant must show disputed transaction falls into adequate consideration exemption.
ESOP Plaintiff’s Proposed Class Action Alleging Overpayment Survives Motion to Dismiss
ESOP plaintiff’s proposed class action against trustee and selling shareholders survives motion to dismiss; court says complaint gave enough facts to support claims of overpayment and breach of fiduciary duty; defendant must show disputed transaction falls into adequate consideration exemption.
DOL Processing Agreement Contains Stringent Rules on Controlling Interest Transactions, Indemnification
Under new processing agreement between DOL and specific ESOP trustee, trustee is bound by strict rules on how to handle controlling-interest acquisitions and indemnification issues; trustee must ensure ESOP plan acquires a series of specified rights before approving payment of a control premium.
Scalia v. Farmers National Bank of Danville & Weddle Bros. Const. Co.
Under new processing agreement between DOL and specific ESOP trustee, trustee is bound by strict rules on how to handle controlling-interest acquisitions and indemnification issues; trustee must ensure ESOP plan acquires a series of specified rights before approving payment of a control premium.
Linde v. Linde
Appellate court upholds trial court’s finding that majority shareholder breached fiduciary duty to minority shareholder and buyout order; trial court performed careful valuation analysis finding defense expert’s asset-based approach was “simply an improper method of valuation in the present case.”
Court Says Asset Approach ‘Is Simply an Improper Method’ in Present Appraisal Proceeding
Appellate court upholds trial court’s finding that majority shareholder breached fiduciary duty to minority shareholder and buyout order; trial court performed careful valuation analysis finding defense expert’s asset-based approach was “simply an improper method of valuation in the present case.”
Lee v. Argent Trust Co.
Court dismisses private plaintiff’s ESOP suit, alleging defendant trustee and other ESOP and company actors violated their fiduciary duties to the plan and overpaid for company stock; a subsequent valuation showed the plan obtained stock at a discount, court concludes.
Court Finds Plaintiff Fails to Show ESOP Transaction Caused Injury
Court dismisses private plaintiff’s ESOP suit, alleging defendant trustee and other ESOP and company actors violated their fiduciary duties to the plan and overpaid for company stock; a subsequent valuation showed the plan obtained stock at a discount, court concludes.
Discovery Evidence Casts Doubt on Valuator’s Independence
Appeals court affirms fair value determination in statutory appraisal, finding trial court properly assessed expert testimony against background of seller’s financial condition and circumstances surrounding sale; purchase price was relevant consideration.
TWC I, L.L.C. v. Damos
Appeals court affirms fair value determination in statutory appraisal, finding trial court properly assessed expert testimony against background of seller’s financial condition and circumstances surrounding sale; purchase price was relevant consideration.
Impact of Economic Changes During Divorce Are Material
When the original valuation date preceded the 2008-2009 economic crisis, trial court erred by failing to consider its impact on the value of the business prior to trial.
Grow v. Grow
When the original valuation date preceded the 2008-2009 economic crisis, trial court erred by failing to consider its impact on the value of the business prior to trial.
Court Cobbles Credible Basis From Expert Evidence to Confirm Lost Profits Damages
Appellate court affirms lost profits damages for a terminated dealership by “backing into the amount,” i.e., finding enough credible expert evidence by which the jury could have reasonably calculated its award.
The Water Quality Store, LLC v. Dynasty Spas, Inc.
Appellate court affirms lost profits damages for a terminated dealership by “backing into the amount,” i.e., finding enough credible expert evidence by which the jury could have reasonably calculated its award.
Prenuptial Lacking Appraised Values
Court invalidates antenuptial agreement for lack of adequate disclosure, including appraised values of husband’s assets.
Stemler v. Stemler
Court invalidates antenuptial agreement for lack of adequate disclosure, including appraised values of husband’s assets ...