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Additional Takeaways From the 2021 ASA International Conference

Interesting sessions covering risk-free rates, equity risk premia, expert testimony, appraisal reviews, cannabis valuations, and more from the American Society of Appraisers’ International Conference, held in Las Vegas.

Veteran Valuers Warn of This Fallout From COVID-19

Being cooped up because of the pandemic has created a potential problem, say experienced valuers, if appraisers continue to do management interviews and company tours virtually instead of in person.

Unique Pitfalls in Valuing a Diagnostic Imaging Center

Some advice from Douglas Smith (Phase 4 Radiology Business Strategies LLC), whose entire practice is dedicated to the diagnostic imaging space. He is not an accredited valuation expert but is called in by appraisers as a third-party expert to perform analyses and forecasts for these entities.

BV News and Trends March 2022

A monthly roundup of key developments of interest to business valuation experts.

Global BV News and Trends March 2022

Business valuation news from a global perspective.

Appraiser Uses Direct Way to Estimate Private-Company Cost of Equity

One appraiser, after 25 years and over 1,000 valuations of small owner-operated businesses, says that these firms bear no relation to public companies, so why look to the public markets for data when estimating cost of capital? Here’s the method he uses, which looks directly at the private capital markets and does not require any expensive resources.

Book Review: Valuing a Business—The Analysis and Appraisal of Closely Held Companies, 6th Edition

The new edition of Shannon Pratt’s book, which gives a heavy dose of theory and has been updated by a team of 67 contributors and published by the American Society of Appraisers, is reviewed.

ABCs of Intangible Asset Valuation

Do you know the ABCs of intangible asset valuation? Join Nene Glenn Gianfala to dive into the Approaches used to value intangible assets. Next, tackle the Background, importance, and hot topics of intangible assets. Lastly, bring it all together with a Case study on how to determine the value of goodwill and other intangible assets in a business combination. Get solid with the fundamentals, so you can confidently tackle your next IP engagement.

DOL proposes change to ESOP prohibited transaction exemption requirements

ESOP appraisers should take note of a proposed rule to amend the Department of Labor (DOL) prohibited transaction exemption procedure, reports the American Society of Appraisers (ASA).

Damodaran updates his implied ERP in wake of Ukraine invasion

In his blog post on how the crisis in Ukraine is playing out in the markets, Professor Aswath Damodaran (New York University Stern School of Business) updated his implied equity risk premium to 4.73% as of March 16, up from 4.24% at the start of 2022.

Deloitte replaces pub on impairments and disposals

Deloitte has published A Roadmap to Impairments and Disposals of Long-Lived Assets and Discontinued Operations, which includes its insights into the guidance in ASC 360-101 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations.

Global BV News: RICS withdraws global COVID-19 valuation practice alert

Because many governments and markets globally have now eased restrictions and protocols relating to COVID-19 and the impact of the pandemic is clearer, RICS has withdrawn its global COVID-19 valuation practice alert as of March 3.

BV movers . . .

Bruce C. Wood, CPA/ABV, CVA, MTx, has joined Dayton, Ohio-based Brady Ware & Co. as a principal of Strategic Valuation & Advisory Services.

CPE events

ABCs of Intangible Asset Valuation, March 30, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Nene G Gianfala (Chaffe & Associates). CPE credits: 2.0.

Updated versions of two closed-end fund reports for estimating DLOC

Closed-end fund (CEF) data are commonly used to derive discounts for lack of control (DLOC) for closely held holding companies invested in marketable securities.

No valuation adjustment for alleged acts of oppression

In a Connecticut case, four siblings were partners in a number of restaurant properties and one of the partners (who had a 25% interest) was ousted by the others.

Therapeutics MD, Inc. v. Evofem Biosciences, Inc.

In this trademark infringement case before a U.S. magistrate judge, the magistrate recommended to the District Court whether certain experts should be allowed to testify. The recommendations were for granting or denying motions of both parties to exclude testimony of the other party’s experts. The magistrate reviewed not only the qualifications of each of the experts, but also the subject of their testimony and opinions and whether they are appropriate and helpful to the court in resolving the issues. In the end, the magistrate recommended to deny the plaintiff’s motion to exclude the defendant’s experts and the defendant’s motion to exclude the plaintiff’s experts be granted in part and denied in part.

In Trademark Infringement Case, Parties Cross-Motions to Exclude Consumer Survey Experts

In this trademark infringement case before a U.S. magistrate judge, the magistrate recommended to the District Court whether certain experts should be allowed to testify. The recommendations were for granting or denying motions of both parties to exclude testimony of the other party’s experts. The magistrate reviewed not only the qualifications of each of the experts, but also the subject of their testimony and opinions and whether they are appropriate and helpful to the court in resolving the issues. In the end, the magistrate recommended to deny the plaintiff’s motion to exclude the defendant’s experts and the defendant’s motion to exclude the plaintiff’s experts be granted in part and denied in part.

Stone v. Citizens Equity First Credit Union (In re Int’l Supply Co.)

The trustee of International Supply Company (ISCO) asked for avoidance and recovery of prepetition fraudulent transfers made to Citizens Equity First Credit Union. ISCO was insolvent when the transfers were made, and the transfers were for the benefit of the controlling shareholder. The court disallowed two of the fraudulent transfers. Some complaint counts against certain individuals were dismissed without prejudice.

Bankruptcy Court Sides With Trustee—Disallows (Fraudulent) Transfers

The trustee of International Supply Company (ISCO) asked for avoidance and recovery of prepetition fraudulent transfers made to Citizens Equity First Credit Union. ISCO was insolvent when the transfers were made, and the transfers were for the benefit of the controlling shareholder. The court disallowed two of the fraudulent transfers. Some complaint counts against certain individuals were dismissed without prejudice.

The Long Arm of the Bankruptcy Court: Valuation in Fraudulent Transfer Matters

When a company files for bankruptcy, the first analysis is to determine what the company has and what the company owes as of the filing date. Next is a thorough analysis of what had been paid out of the company before the filing date to determine whether such payments can be clawed back into the estate for the benefit of creditors. Payments made within 90 days of the filing may automatically be considered preferential. Beyond ...

Blockage Discounts: Two Helpful Equations to Know

Get a head start on the upcoming blockage discounts webinar with this quick primer!

Preview: Valuing Fractional Interests in Real Estate 2.0

In Valuing Fractional Interests in Real Estate 2.0, with a wealth of practical knowledge, Dennis Webb has created a complete resource for anyone looking to apply the income approach better in their next valuation. The following excerpt comes from the book’s first chapter, "Fractional Interests and Valuation."

Harrison v. Envision Mgmt. Holding, Inc.

The U.S. District Court (Colorado) denied a motion to compel arbitration the defendants brought in a case the plaintiff participants brought (a purported class action) in an ESOP the defendant company, et al. established. “The Plaintiff argues that the Defendants’ actions related to the sale caused him and all other ESOP participants to suffer significant losses to their ESOP retirement savings.” The court denied the motion.

U.S. District Court Denies Motion of Defendants in an ESOP Case to Compel Plaintiff Into Arbitration

The U.S. District Court (Colorado) denied a motion to compel arbitration the defendants brought in a case the plaintiff participants brought (a purported class action) in an ESOP the defendant company, et al. established. “The Plaintiff argues that the Defendants’ actions related to the sale caused him and all other ESOP participants to suffer significant losses to their ESOP retirement savings.” The court denied the motion.

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