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CPE events

Automating Valuation Reports, June 16, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Nick Mears (Caprock Business Consulting LLC). CPE credits: 2.0.

Husband shuns BV expert, loses case

In a Pennsylvania divorce case involving a restaurant, neither the husband nor the wife submitted formal business appraisals.

Kuzma v. N. Ariz. Healthcare Corp.

The defendants in this qui tam case asked for summary judgment against the plaintiff Relator, who had alleged violations of the False Claims Act as it related to the sale of Surgery and Rehabilitation Centers by the defendants. Relator brought suit against the defendants, alleging they violated the FCA by overpaying the physician-owners of the Summit Center to reward them for past business and to induce future business in violation of the federal Anti-Kickback Statute. The defendants advanced three arguments in favor of summary judgment: (1) the acquisition price paid for the Summit Center was fair market value; (2) Relator had no evidence that the defendants acted with the requisite scienter; and (3) Relator cannot show a causal link between the alleged kickback and the submission of false claims.

U.S. District Court Partially Denies Motion for Summary Judgment Regarding Qui Tam Case on Excess Purchase Price Under the False Claims Act

The defendants in this qui tam case asked for summary judgment against the plaintiff Relator, who had alleged violations of the False Claims Act as it related to the sale of Surgery and Rehabilitation Centers by the defendants. Relator brought suit against the defendants, alleging they violated the FCA by overpaying the physician-owners of the Summit Center to reward them for past business and to induce future business in violation of the federal Anti-Kickback Statute. The defendants advanced three arguments in favor of summary judgment: (1) the acquisition price paid for the Summit Center was fair market value; (2) Relator had no evidence that the defendants acted with the requisite scienter; and (3) Relator cannot show a causal link between the alleged kickback and the submission of false claims.

In Search of a Steady State: Inflation, Interest Rates and Value, The (inflation) Genie Escapes the Bottle!

In this very special complimentary program with BVR, renowned financial guru Aswath Damodaran looks at where inflation expectations stand and where inflation might end up – from the potentially catastrophic to the (mostly) benign. Inflation is the culprit behind markets approaching bipolar territory with their big ups and downs, and it remains a highly unpredictable macroeconomic factor.

A Sneak Peek at the 2022 AAML/BVR Divorce Conference

Check out this preview of a few of the events taking place at the 2022 AAML/BVR National Divorce conference, in sunny Las Vegas!

In Re S-Tek 1, LLC

The debtor, S-Tek 1 LLC, submitted a motion to value to the Bankruptcy Court to determine the value of the collateral of Surv-Tek Inc. as to debt owed it by the debtor pledged as collateral for debt owed by S-Tek to Surv-Tek. The valuation was to be used in the confirmation of a Chapter 11 reorganization of S-Tek. The court used the replacement value standard of value instead of the “ongoing concern” value since the replacement value provided a value greater than the “enterprise value” (i.e., ongoing concern value).

Bankruptcy Court Uses the ‘Replacement Value Standard’ as It Determines That Debtor ‘Enterprise Value’ Is Lower and Inappropriate

The debtor, S-Tek 1 LLC, submitted a motion to value to the Bankruptcy Court to determine the value of the collateral of Surv-Tek Inc. as to debt owed it by the debtor pledged as collateral for debt owed by S-Tek to Surv-Tek. The valuation was to be used in the confirmation of a Chapter 11 reorganization of S-Tek. The court used the replacement value standard of value instead of the “ongoing concern” value since the replacement value provided a value greater than the “enterprise value” (i.e., ongoing concern value).

Keys to Using a Royalty Database

Follow along as we review the detailed processes ktMINE uses in order to mine and curate the public domain into the most robust transactions database on the market. We will discuss ktMINE's data sources, how the information is analyzed, and specific questions a practitioner may need to solve. Anyone who is interested in learning how to leverage a transactions database to execute effective valuations will benefit from attending.

Morrison cautions appraisers regarding automation

Blind reliance on automated tools for business valuation is a danger, says past ASA international president Bob Morrison, FASA, who spoke on a recent webinar on the future of the valuation profession.

Valuation amid inflation: a free interactive webinar with Aswath Damodaran

BVR has a very special event next week—a free one-hour webinar on June 14 titled In Search of a Steady State: Inflation, Interest Rates, and Value—The (Inflation) Genie Escapes the Bottle!

Cannabis lawsuit could be a game changer

A coalition of influential marijuana companies and stakeholders are planning to sue the federal government over alleged unconstitutional policies that affect their operations, according to a report in Marijuana Moment.

Stout releases guide to ASC 842

Accounting Standard Codification (ASC) 842 is the new lease standard, and Stout has released a guide designed to give practical guidance and key takeaways from their experience with both public- and private-company adoptions.

ASA announces election results

The American Society of Appraisers has announced the results of its 2022-23 elections for the new international officers, discipline governors, discipline committee officers, appraisal review management discipline, and members-at-large.

Global BV News: EY releases global transfer pricing guide

The EY Worldwide Transfer Pricing Reference Guide 2020-2021 is designed to help identify transfer pricing rules, practices, and approaches.

BV movers . . .

Steve N. Economou has joined New York City-based Grassi & Co. as a principal in the firm’s Forensic, Litigation and Valuation Services group.

CPE events

Keys to Using a Royalty Database (FREE WEBINAR), June 9, 10:00 a.m.-10:50 a.m. PT/1:00 p.m.-1:50 p.m. ET. Featuring: Brett Schoell (ktMine). CPE credits: 1.0.

Hitchner surveys COE data sources of choice

The Kroll (formerly Duff & Phelps) Navigator has been the consistent clear choice for cost of equity (COE) data by valuation analysts, according to ongoing surveys by Jim Hitchner (Valuation Products and Services).

No deduction for tax in shareholder buyout

In a North Dakota partnership dissolution case, the defendants argued on appeal that the district court erred in its valuation.

The Dental Valuation Revolution

The valuation landscape for dental practices is changing rapidly. Private equity funds and dental service organizations have entered the industry in force. Experts Matthew Howard and Kam McQuay will engage in discussions around what is the definition of “any given buyer” for practices and how to include this relevant buyer in your valuations. They will also discuss industry-specific considerations for valuations concerning the officer compensation adjustment and typical and some not-so-typical income statement and balance ...

Blue-Sky Method in Valuing a Car Dealer—Redux

In a recent issue of the BVLaw Alert, we published a short piece about a shareholder dissent/oppression appellate decision in Tennessee regarding the valuation of a “high-end” car dealership. Our headline noted, “Court Tweaks Blue-Sky Method in Valuing a Car Dealer.” We received a question from a reader asking whether the rule of thumb blue-sky method was explained in the case.

King v. King

In this Maryland divorce case, the Court of Special Appeals affirmed the trial court on all appealed issues including marital property determinations; monetary award to the wife; determination of incomes of the husband and wife; and determinations of alimony, child support, and related expenses. The Court of Special Appeals also affirmed that the husband’s business was not a gift and was marital property, and it determined the value of the business as the wife’s expert presented. Both parties were forensic accountants.

Maryland Appellate Court Affirms Trial Court on Value of Husband’s Business as Well as Several Other Divorce-Related Issues

In this Maryland divorce case, the Court of Special Appeals affirmed the trial court on all appealed issues including marital property determinations; monetary award to the wife; determination of incomes of the husband and wife; and determinations of alimony, child support, and related expenses. The Court of Special Appeals also affirmed that the husband’s business was not a gift and was marital property, and it determined the value of the business as the wife’s expert presented. Both parties were forensic accountants.

Delaware Chancery Case on Shareholder Dissent Likely to Raise Eyebrows

A recent opinion from the Delaware Court of Chancery is likely to raise eyebrows within the business valuation profession. Read on to find out why.

Comments on an Article on Attracting More Practitioners to BV

An article in last month’s Business Valuation Update discussed the need to make business valuation a more recognized career path. This article includes some very thoughtful comments by Dr. Michael A. Crain, CPA/ABV, CFA, CFE, an academic and practitioner.

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