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Pensioenfonds Metaal en Techniek v. Strategic DSRG, LLC

Court affirms NAV methodology used by board to determine “actual value” of REIT during the financial crisis for purposes of fulfilling put agreement, even though it depended on stale data regarding net operating income and capitalization rates.

Walsh v. Preston

In this ESOP ERISA case, the government (plaintiffs) (Secretary of Labor) alleged claims against the defendants, Robert N. Preston and TPP Holdings Inc. (and nominally against its ESOP) for: (1) breach of fiduciary duties; (2) engaging in prohibited transactions; and (3) co-liability of defendants. In a lengthy opinion, the court determined that the defendants did breach fiduciary duties and did engage in prohibited transactions. It further decided that there was no co-liability among the defendants, but it did not allow an offset of payments on debt of TPP Preston personally made. In determining FMV, the court did not allow a minority interest discount. In so doing, the resulting damages determined were minimal.

Metro Tech Corp. v. TUV Rheinland of N.A.

Court limits damages to breach of contract to those that can be ascertained with reasonable certainty, and qualifies first-time lost profits plaintiff’s expert to testify re: same.

Bakst v. United States of America (In re: Kane & Kane)

In fraudulent conveyance suit, bankruptcy court admits expert’s testimony on reasonable compensation as it relates to reasonably equivalent value for the debtor law firm’s payment of its partners’ income taxes, but strikes insolvency expert’s opinion for ...

The Combined Discount

For a variety of reasons, the value of an ownership interest in a closely-held business enterprise may be subject to the application of a valuation discount. Valuation analysts often apply a “combined discount” to reflect one total value decrement related ...

Problems with Cost of Capital Estimation in the Current Environment—Update

Problems with Cost of Capital Estimation in the Current Environment—Update 1 by Roger J. Grabowski, ASA Executive Summary The current 2 economic environment has created prob- lems with the traditional methods valuation professionals employ in estimating cost of equity capital (‘‘COEC’’) and in estimating the appropriate overall cost of capital (weighted-average cost of capital, or ‘‘WACC’’). Since October 2008, new complications have arisen in estimat- ing the cost of capital. First, U.S. Treasury bond ...

BVWire-UK, August 6, 2019, Issue 5-1

Ezines

BVWire—UK is a free service from BVR focusing on the business valuation profession in the United Kingdom. Articles in this issue include what increases the asset value of a customer, 5% of estates now fall under HMRC's inheritance tax rules, and more.

Miller v. MSX-IBS Holding, Inc.

Under Delaware law, the board of directors for a holding company properly relied on consolidated financial statements and valuations of its subsidiary, including its subsidiary’s debt, to determine whether funds were “legally available” to redeem preferre ...

McCabe v. Capital Mercury Apparel

ESOP administrator did not breach duty of care when relying on an appraisal that valued the company a year before its eventual liquidation and sale.

Sutardja v. United States

Claims court disagrees with taxpayers claiming that issue of whether an option to buy stock in company was discounted was not relevant to finding no taxpayer liability under IRC section 409A; if the option was discounted¬—a factual issue awaiting determin ...

Reasonable Compensation

Reasonable Compensation Teleconference Handbook July 9, 2008 Moderator: Ronald L. Seigneur, MBA, CPA/ABV, CVA, Partner in Seigneur Gustafson LLP Panelists: Sharyn Maggio, CPA/ABV, Principle of Maggio & Company, Stacey ...

United Rentals, Inc. v. RAM Holdings Inc.

United Rentals, Inc. v. RAM Holdings Inc. Author(s): Ogilvy Renault LLP The Valuation Law Review - Corporate/Securities Decisions and Certain Regulatory Developments - Volume 14, Issue 2 6/1/2008 for The Canadian Institute of Chartered Business Valuators This article is intended to provide research and informed comments on valuation and related fields. The opinions expressed by the individual writers do not necessarily carry the endorsement of the Institute or its Members Thank you for visiting www.BVLibrary.com ...

In re Citigroup, Inc. Securities Litigation

Court denies motion to dismiss subprime asset litigation, based on plaintiff’s allegations that Citigroup overvalued its collateral debt obligations and understated its risk.

ESOP VALUATION AND FINANCIAL ADVISORY SERVICES BIBLIOGRAPHY

This bibliography lists ESOP-related professional journal articles, books and textbooks, previous Insights articles, and useful web sites. These reference materials should be of interest to valuation analysts and to independent financial advisers who prac ...

Weisfelner v. Blavatnik (In re Lyondell Chem. Co.)

Court says trustee fails to show debtor was insolvent under any applicable financial condition tests; contemporaneous industry analysis and valuations by financing banks belie claim that management projections in support of merger were unreasonable.

The Use of Corporate Acquisitions as a Strategy to Resolve Complex Commercial Litigation

Complex commercial litigation often creates a battleground of wasting corporate value. Commercial litigation is a time-consuming and expensive process that often dissipates the enterprise value of both the plaintiff and the defendant. In other words, th ...

Back to the Future, Part II

The consideration of subsequent events (“time traveling”) in business valuation is not supported by the definition of fair market value, Revenue Ruling 59–60, business valuation standards, relevant case law, and common sense.

Transupport, Inc. v. Commissioner

Tax Court dismisses taxpayer expert’s reasonable compensation analysis as not helpful to trier of fact; court points to failure to consider objective evidence and detects willingness to “validate and confirm” the amounts reported on taxpayer’s returns.

Rubin v. Bedford

Appeals court affirms soundness of going private merger; court says plaintiffs failed to point to better offer and their expert lacked formal accounting, economics, and valuation training and displayed a light grasp of issues related to company’s value.

Valuation of Ownership Interests in Health Care Entities for Charitable Contributions—Insights from Recent Tax Court Precedents

Revenue Code § 170(a), subject to certain limitations. This discussion summarizes (1) Internal Revenue Service appraisal requirements for noncash charitable contributions and (2) the judicial factors that the U.S. Tax Court has considered in two recent de ...

Editor's Column

Business Valuation Review — Winter 2010 Page 131 Business Valuation Review Volume 29 • Number 4 © 2010, American Society of Appraisers Editor’s Column Roger J. Grabowski, ASA in many other eurozone countries played fast and loose with the debt and deficit guidelines agreed to by the eurozone member countries. In Ireland the politicians guaranteed all of the Irish banks’ debts—deposits and bonds. Then Europe has Portugal, Spain, Italy and Belgium (yes, Belgium) with ...

Real Hosp., LLC v. Travelers Cas. Ins. Co. of Am.

In this business interruption case resulting from mandatory shutdowns to control COVID-19, the court granted a motion by the defendant insurance company to dismiss claims of plaintiffs; plaintiffs did not argue that they sustained a physical loss, and coverage would have been denied nevertheless by the virus exemption.

Gift_Tax_Report_Family_LLC_with_Securities

Sample Reports

 49.5 PERCENT LIMITED PARTNERSHIP INTEREST IN BROWN INVESTMENTS, LTD. VALUATION REPORT DECEMBER 28, 2020 October 8, 2021 Law Firm 1234 Glades Road Boca Raton FL 33333 Attn: Ronald Attorney, Esq. Re: Valuation of a 49.5 percent limited partnership interest in Brown Investments, Ltd. Dear Mr. Attorney: We have performed a valuation engagement, as that term is defined in the Statement on Standards for Valuation Services (“SSVS”) of the Association of International Certified Professional Accountants of a 49.5 percent limited partnership interest in Brown Investments, Ltd. as of December 28 ...

U.S. Bank N.A. v. Verizon Communications Inc.

District court finds expert “forced” spun-off company’s low value by calculating a DCF value that “is low in the extreme and implied an incredibly low trading multiple for the [subject]”; the expert selected “the most pessimistic projections” of future pe ...

Towerview LLC v. Cox Radio, Inc.

In statutory appraisal action related to radio broadcasting business, Court of Chancery affirms that pre-merger management projections generally are an “appropriate starting point” for the requisite DCF analysis; however, given signs of secular change in ...

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