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Fir Tree Value Master Fund v. Jarden Corp., (Jarden III)

High court affirms trial court’s use of unaffected market price as fair value in statutory appraisal involving merger of publicly traded company; high court rejects petitioners’ late argument that, where sale process was flawed and company failed to prove synergies, deal price should act as floor.

No ‘Long-Recognized Principle’ Against Use of Market Price as Fair Value Indicator, High Court Says

High court affirms trial court’s use of unaffected market price as fair value in statutory appraisal involving merger of publicly traded company; high court rejects petitioners’ late argument that, where sale process was flawed and company failed to prove synergies, deal price should act as floor.

Nelson v. Commissioner

In gift tax case, Tax Court finds donor transferred percentages in limited liability company rather than fixed dollar amounts based on language in transfer instruments; further, where transferred minority interests include elements of control, minority discount should be reduced, not eliminated.

Court Says Reduced Minority Discount Appropriate Where Minority Interest Has Elements of Control

In gift tax case, Tax Court finds donor transferred percentages in limited liability company rather than fixed dollar amounts based on language in transfer instruments; further, where transferred minority interests include elements of control, minority discount should be reduced, not eliminated.

Grieve v. Commissioner

In gift tax dispute, Tax Court rejects IRS expert’s valuation of noncontrolling, nonmarketable interests in two LLCs; expert proposed valuation theory and method were intended to lower opposing experts’ minority and marketability discounts but lacked support in facts, case law, or among peers.

Tax Court Rejects IRS’ Value Analysis, Finding It Assumes Additional Actions Not ‘Reasonably Probable’

In gift tax dispute, Tax Court rejects IRS expert’s valuation of noncontrolling, nonmarketable interests in two LLCs; expert proposed valuation theory and method were intended to lower opposing experts’ minority and marketability discounts but lacked support in facts, case law, or among peers.

Court Says Corrected DCF Still Supports Original Fair Value Determination

Responding to petitioners’ motion for reargument, court concedes and corrects errors in court’s original DCF analysis but finds corrected DCF model still corroborates the original fair value determination; court affirms its reliance on unaffected market price as fair value indicator.

In re Appraisal of Jarden Corp. (II)

Responding to petitioners’ motion for reargument, court concedes and corrects errors in court’s original DCF analysis but finds corrected DCF model still corroborates the original fair value determination; court affirms its reliance on unaffected market price as fair value indicator.

In re Appraisal of Jarden Corp. (I)

Court finds record shows unaffected market price is best evidence of fair value; court says company expert’s efficient market analysis and event study provide strong support for use of market price; court’s own DCF analysis generates value close to market price, thus corroborating market price.

Court of Chancery Rules Unaffected Market Price Is Best Evidence of Fair Value

Court finds record shows unaffected market price is best evidence of fair value; court says company expert’s efficient market analysis and event study provide strong support for use of market price; court’s own DCF analysis generates value close to market price, thus corroborating market price.

Telfer v. Telfer

In context of determining appreciation in value, appeals court says trial court did not err when it applied DLOM in valuing partial interests in businesses representing wife’s separate property; DLOM use is within trial court’s discretion and depends on facts of the case.

Tennessee Appeals Court Defers to Trial Court on DLOM Use in Divorce

In context of determining appreciation in value, appeals court says trial court did not err when it applied DLOM in valuing partial interests in businesses representing wife’s separate property; DLOM use is within trial court’s discretion and depends on facts of the case.

Tax Ct. How-to of Valuing Holding Company, Avoiding Accuracy Penalty

Tax Court favors net-asset-value over capitalized-dividend approach for FMV determination of interest in holding company with marketable securities because NAV starts out on “firm ground” with stock prices one can look up whereas income approach relies en ...

Estate of Richmond

Tax Court favors net-asset-value over capitalized-dividend approach for FMV determination of interest in holding company with marketable securities because NAV starts out on “firm ground” with stock prices one can look up whereas income approach relies en ...

Keller v. United States

Federal district court approves 47.5% combined discount for lack of marketability and lack of control for transfer of $250 million in FLP assets (investment bonds).

Gesoff v. IIC Industries Inc., et al.

The Delaware Court of Chancery determined that a company-specific risk premium should not be added when computing the cost of capital when there is no financial analysis supporting the company-specific risk. Furthermore, the court held that a small stock ...

Aversion to 'Costly Appraisal' Lands Majority in Court: 'Transaction Method' Carries the Day

The issue in this appraisal action was the value of Montgomery Cellular (MCHC), a telecommunications holding company.

Dobler v. Montgomery

The issue in this appraisal action was the value of Montgomery Cellular (MCHC), a telecommunications holding company.

Vacchiano v. Speier

At issue in this case was the trial courts failure to account for tax consequences in LLC valuation.

Smith v. Van Gorkom

At issue is breach of fiduciary duty to stockholders.

Matthew Headley Holdings, LLC v. McCleary, Inc.

The U.S. District Court for the Western District of Missouri excluded an economic expert’s testimony in this breach of contract action because his report lacked adequate foundation.

Court Combines Benchmarking Studies to Determine Reasonable Compensation of Hybrid Executive

Two of the issues in this complex bankruptcy matter were: (1) whether Marshall Cogan was paid excessive compensation from Trace International Holdings Inc. and Trace Foam Sub Inc. (collectively “Trace”); and (2) whether Trace was insolvent so that the redemption of stock and the declaring of dividends were rendered illegal.

Tax Court Rejects Pre-IPO Studies, Finds DLOM Accounts for More Than Illiquidity

Petitioners Charles T. and Mary S. McCord gifted interests in McCord Interests Ltd. LLP (MIL) to their four children, trusts for the benefit of the children, and two charitable organizations by way of assignment agreements.

Oscar Gruss & Son, Inc. v. Yossie Hollander

The U.S. Court of Appeals for the 2nd Circuit reversed the district court’s calculation of damages for breach of contract to assign warrants in a publicly traded company.

Several Damages Methods Considered in Winstar Action

The U.S. Court of Federal Claims granted summary judgment against Southern National on all but two of its measures of damages, regarding claims stemming from the enactment of FIRREA.

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