In re Appraisal of Dell Inc.
For statutory appraisal, Chancery says sales process related to management buyout “functioned imperfectly as a price discovery tool” and gives no weight to final merger price; court relies exclusively on DCF analysis to derive fair value of the company.
Unconventional Drilling and the Impact on Valuing Oil & Natural Gas Rights
Join Josh Lefcowitz of BDO for an insightful look into unconventional drilling and the impact on valuing oil and natural gas rights. This webinar will focus on the economic conditions in the U.S. that affect the oil and natural gas industry and their impact on the value of certain unconventional drilling rights. Lefcowitz will examine commodity pricing issues around oil and natural gas, current supply versus current demand, and recent industry developments. Attendees will gain ...
In re Bachrach Clothing, Inc.
Bankruptcy court disapproves of DCF method as lending itself to manipulation, noting rivaling experts’ “strikingly” divergent valuations despite reliance on basically the same data and analysis.
Valuing Real Estate Holding Companies: A Deeper Look at the Underlying Data with Case Study
Real estate holding companies often have vastly different characteristics than your average manufacturer or retailer. As such, everything from the underlying data, applicability of the valuation approach, and risk-adjusted discount rate should be examined. Russell Glazer of Gettry Marcus CPA, PC will guide you through the distinctive aspects of valuing real estate holding companies with a special focus on understanding the underlying empirical market data such as REITS, closed-end funds, and real estate limited partnerships.
Hospitality Valuation: Check in Time
Do you suffer from guideline-public-data-phobia? Symptoms include comparable company size anxiety and difficulty with adjustments and cost avoidance. You’re not alone. Many appraisers suffer from guideline-public-data-phobia and avoid using public data in their private-company valuation assignments. Perhaps it’s time for you to have a talk with an expert. Join Linda Trugman and Rob Schlegel for an update on this fundamental skill. Hear advice for factoring in public market evidence through economic and industry data to ...
A New Approach to IP Management: The Penn State University Research Model Technology Transfer
Penn State has made two significant changes to the manner in which it deals with IP and industry-sponsored research. First, for new research that is industry-sponsored, the university will cede ownership of the IP to the sponsor. Second, in those cases where the university must retain ownership of the IP (as in instances of federal research funding), the university will offer the new "Penn State Two Step" licensing option in which the industry sponsor may ...
Multidisciplinary Blind Spots #5—Time
The single most important thing about valuing an interest in an asset holding company is time: How long will the interest-holder be stuck in its position? Of course, this is also a consideration for a nonmarketable position in any business. But with real estate holding companies in particular, the timing of an exit event is the single most important variable affecting value. It’s just not an easy story to write. This webinar will provide keys ...
DeFazio v. Hollister, Inc.
Federal district court finds that ESOP trustees breached their fiduciary duties by failing to determine whether permitting the company to repurchase plan stock at book value was “adequate consideration,” but dismissed the plaintiffs’ claims for lack of an ...
The IRS’ Proposed Section 2704 Regulations: The Impact on and the Future of Estate and Gift Valuation
On Aug. 4, 2016, the IRS published in the Federal Register a set of proposed new regulations under Chapter 14, Section 2704 of the Internal Revenue Code. These proposed regulations would have a significant impact on the valuation of private-business entity interests for transfer tax (estate, gift, and generation-skipping) purposes. Join expert Curt Kimball and Chris Mercer for a dive into the valuation impacts and a discussion of what the IRS is attempting to do ...
In re Global Technovations, Inc. (I)
Bankruptcy court voids $25 million acquisition based on valuations that used historic, 12 months' earnings prior to closing and rejecting expert who relied substantially on inflated, unreasonable management projections.
Valuation Jubilee: Celebrating BVR’s 500th Event
Don’t miss the all-star lineup for the "Valuation Jubilee: Celebrating BVR's 500th Event." Spend a half day listening to this master class session and learn from the profession's thought leaders as they deliver concise lessons that make an extraordinary impact on your practice and career. Hear expert after expert share the knowledge they’ve gained throughout the years. The business valuation profession has progressed (and so has BVR, remember our teleconferences, anyone?), and we are excited ...
Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd. (II)
High Court rejects Chancery’s decision to disregard deal price entirely in favor of court’s DCF analysis; record belies Chancery’s finding that deal price undervalued company stock, High Court says, urging adoption of deal price as fair value on remand.
American Business Appraisers and BVR Annual Key Issues Update
Every year American Business Appraisers brings together experts from across the country for a frank and practical discussion of the issues impacting business valuation. This year, everyone is invited to four great sessions. Get a current update on the SBA Paycheck Protection Program and the forgiveness application. Adam Rosenfield gives an overview of what the most recent changes to the program are and how that affects clients/future clients. Get guidance on how the loan and ...
Tour de Value: Team iiBV Tours the Global Valuation Landscape
Valuation is maturing around the globe, and few have more firsthand exposure than the expert instructors from the International Institute of Business Valuers. To celebrate the recent education partnership between iiBV and BVR, we have brought the professionals who teach iiBV courses and practice around the globe and put them at our table. Join John Hawthorne, Mark Weston, Andrew Strickland, Jeff Tarbell, John Barton, Ray Rath, and moderator Ray Moran for a sprint to the ...
Impact of Tax Cuts and Jobs Act on Valuation: Six-Month Review (A Web Workshop)
The Tax Cuts and Jobs Act (TCJA) was the biggest change to tax law in over 30 years, containing provisions related to individual and business taxation. Six months in, it is time to digest and discuss the impacts for valuation professionals. This expert-led panel includes Stacey Udell, Michelle Gallagher, Michael Morhaus, and Kevin Yeanoplos and will be sure to deliver an eye-opening discussion about key aspects of the TCJA and how it impacts your engagements.
Valuing Deferred Revenue
Are you confident in your understanding of revenue recognition? Do you value from the bottom up or top down? Is it for a business combination? Purchase price allocations pursuant to ASC 805 require fair value estimates for all acquired assets and liabilities. In certain industries, deferred revenue is a frequently occurring liability that requires valuation. In this webinar, Ray Rath will discuss the valuation theory and present the valuation of deferred revenue for ASC 805 ...
Working Capital and Value: Gone But Not Forgotten?
Why is working capital given so much attention in the context of a private business sale, yet given so little attention in the typical business valuation report? Do you wonder how others consider working capital levels and changes in their reports, given the relative lack of resources available on the topic? This session, led by Glen Birnbaum of Heinold Banwart Ltd. and Kevin Yeanoplos of Brueggeman and Johnson Yeanoplos PC, will provide a common framework ...
Valuation Techniques for a Physician Practice: Getting It Right
Anyone have two tens for a five? Long-accepted practices such as valuing return on investment and disregarding anecdotal “data” (as one proponent exclaimed: “Well, it is data!”) are being ignored in favor of quicker, cost-efficient “opinions” of value. We risk training an entire generation of appraisers in methods that fail to conform to finance theory, something akin to voodoo finance. For example, a hypothetical buyer will choose to “buy” rather than “build” an asset or ...
Valuation of Inventory: Taking Stock of the Guidance
Given divergences in both practice and guidance, inventory valuation can seem challenging. In this webinar, Anthony Pumphrey will illustrate simple, straightforward modifications to the valuation of inventory that you can incorporate into your valuation process. Review what comprises the book value of inventory and valuation guidance from the FASB, the IRS, and the AICPA. Next, walk through an example valuation of raw materials, work-in-progress, and finished goods in accordance with this guidance. The example provided ...
Using Option Pricing Models to Quantify Discounts for Lack of Marketability
Many valuation professionals struggle with applying option pricing models to estimate discounts for lack of marketability (DLOM). With multiple option pricing models including European put options, shout put options, look-back put options, Asian put options, forward-starting put options, and perpetual exchange options, there is complexity that cause many to steer clear of options for purposes of estimating DLOM. Josh Angell clearly and practically explains the theoretical basis for the option models, as well as explores ...
Lund v. Lund (I)
In a forced buyout, court says experts were too partisan to their clients, compromising value analysis; court performs its own valuation using DCF to determine fair value of grocery business and rejects DLOM because no unfair transfer of wealth occurs.
How to Value Equity and Debt Securities Using Advanced Lattice Modeling
Lattice models, typically binomial lattice models, are utilized for the valuation of more complex equity and debt securities that cannot be valued using a closed-form solution (such as the Black-Scholes-Merton option pricing model); however, the modeling and selection of appropriate methodology present many challenges. In this webinar, Dave Duffendach and John Sawyer will present several approaches to valuing complex equity and debt securities, including the identification of a security’s features and payoffs that require a ...
Restaurant Valuation: Industry Segments, Trends, and the Impact of Real Property
Restaurants are one of the most prevalent business types in the U.S., with recent counts at over 600,000 of various types. Due to intensive competition, there is a high failure rate. There is also substantial activity in the sale of restaurants, which creates a need for business valuation work, whether for SBA financing or for a buyer or seller. Business appraisers are challenged to account for industry risk in assigning an appropriate discount rate. Franz ...
Valuing Sports Franchises
The August 2014 sale of the Los Angeles Clippers basketball team for $2 billion matched the March 2012 sale price of the Los Angeles Dodgers baseball team, a record for both the NBA and MLB. While these franchise sales make headlines, they call into question the exact values of these businesses and how such high price points compare to other major league franchises and the many minor- and independent-league teams that populate the sports landscape.
Advanced Workshop on Taxes and Value: Guidance on the S Corporation Valuation Puzzle
By popular demand, BVR is hosting Nancy Fannon and Keith Sellers for a special encore presentation of the hottest topic of the year: Taxes and Value: Guidance on the S Corporation Valuation Puzzle. In this replay of the blockbuster spring session, the presenters challenge traditional notions about the differences in value between a pass-through entity and the public-market C corporation and reveal an abundance of research that shows that shareholder-level taxes do indeed affect a ...