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McCulloch v. McCulloch

Trial court abused its discretion when it assigned to wife stock in closely held company that made her a minority shareholder and when it failed to value the asset at issue; because the in-kind distribution left her with illiquid assets and no control ove ...

In re Answers Corp. Shareholders Litigation

DE Chancery Court approves sale of hard-to-value internet company, even though lack of any long-term forecasts prevented DCF analysis, and fairness opinion had to rely on market approach despite lack of truly comparable public companies.

In re Texans CUSO Insurance Group

Court confirms expert lost profit damages of $21.1 million based on careful calculation of earnout payments under breached sale and employment agreement.

Burtch v. Opus, LLC (In re Opus East, LLC) (II)

In Chapter 7 case, district court upholds Bankruptcy Court’s insolvency determination, which was a predicate to many of trustee’s claims; reviewing court says evidence supports use of going-concern valuation and rejection of liquidation discount.

Kottayil v. Insys Therapeutics, Inc.

In shareholder suit involving pharmaceutical startup with uncertain prospects, appeals court upholds trial court’s rejection of expert testimony based on “traditional” valuation methods in favor of noncontemporary IPO valuation to determine fair value.

Estate_Tax_Holding_Company

Sample Reports

 90 PERCENT LIMITED PARTNERSHIP INTEREST IN SANDALS ENTERPRISES, LP VALUATION REPORT SEPTEMBER 19, 2020 © TRUGMAN VALUATION ASSOCIATES, INC. 2021 June 7, 2021 Brown & Brown, LLC 123 Village Square City, SC 29123 Attn: Harvey Brown, Esq. Re: Valuation of a 90 percent limited partnership interest in Sandals Enterprises, LP Dear Mr. Brown: 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 90 percent limited partnership interest in Sandals ...

In re Merge Healthcare Inc. Stockholders Litigation

Chancery says proxy gave disinterested shareholders sufficient information about valuation analysis underlying financial advisor’s fairness opinion to enable informed vote, and it dismisses breach-of-fiduciary-duty claims under business judgment rule.

Columbia Park Golf Course, Inc. v. City of Kennewick

Court of Appeals approves lost asset value for breach of contract to negotiate, noting fewer problems of proof than lost profits values, but opinion subject to dissent.

Summary_Report

Sample Reports

 August 23, 2021 Mr. John Roberts 1234 W. 108th St., Unit 14 Some City, FL 33333 Re: Valuation of a 100 percent interest in Moon Logistics, Inc. Dear Mr. Roberts: 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 100 percent of Moon Logistics, Inc. as of May 31, 2021. This valuation was performed solely to be used by Moon Logistics, Inc. as a ...

In re Tesla Motors Stockholder Litig.

Court of Chancery says Tesla dissenting shareholders allege sufficient facts to show company CEO, Elon Musk, was a controlling shareholder, despite holding a minority interest; court allows breach of fiduciary claims concerning acquisition of related company to proceed.

Athlon Sports Communications, Inc. v. Duggan (I)

Appeals court says trial court followed applicable law when it used Delaware block method to determine fair value of dissenting shareholders’ interests; court declines to change law on valuation, saying reversal must come from state Supreme Court.

Swiderski Equip. v. Swiderski

In shareholder dispute, appeals court says trial court did not follow controlling shareholder agreement requiring appraiser to value the company as an entity; also, appraiser’s report left it unclear whether valuation included improper minority discount.

Baisden v. I’m Ready Productions, Inc. (II)

Court admits financial expert’s contract interpretations that are consistent with the court’s, but excludes his legal conclusions regarding causation.

Silicon Knights, Inc. v. Epic Games, Inc.

On July 8, 2011, Epic Games, Inc., ("Epic" or "defendant") filed a motion to exclude the reports and testimony of Terry Lloyd, an expert for Silicon Knights, Inc. ("SK" or "plaintiff"), and a motion to seal Epic's supporting memorandum and exhibits [D.E. 6 ...

Detailed_Report_For_Shareholder_Dispute

Sample Reports

 A 25 PERCENT COMMON STOCK INTEREST IN THE HART GROUP, INC. VALUATION REPORT AUGUST 28, 2015 ©TRUGMAN VALUATION ASSOCIATES, INC. 2017 September 29, 2017 Lawyers P.C. 146 Park Ave., 22nd Floor New York, NY 10178 Attn: Kenneth R. Smith, Esq. Re: Fair value of a 25 percent common stock interest in The Hart Group, Inc. Dear Mr. Smith: We have performed a valuation engagement, as that term is defined in the Statement on Standards for Valuation Services (“SSVS”) of the American Institute of Certified Public Accountants of a 25 ...

Turner Broadcasting System v. McDavid

Court upholds jury verdict (and expert valuations) of $281 million for damages in breach of contract to sell Atlanta sports franchise.

System Development Integration, LLC v. Computer Sciences Corp.

Court disallows expert theory of “lost opportunity cost” damages for breach of contract, but admits his “standard” lost profits analysis, including reliance on agreed-upon forecasts and an Ibbotson-derived the discount rate.

Albert Trostel & Sons Co. v. Notz

Statutory fair value appraisal of automotive company turns on DCF inputs, including discount rate and management projections, plus one expert’s better industry experience and analysis.

Rughani-Shah v. Noaz

Without any evidence of shareholder oppression, court finds that buy-out price for terminated shareholder of 3-person pediatric practice is limited to book value, as defined in the buy-sell agreement.

Global GT LP v Golden Telecom, Inc. (I)

Delaware Chancery adopts supply-side equity risk premium and discusses appropriate terminal growth rate, tax rate, and beta in the statutory fair value appraisal of Russian telecomm company.

Wycoff v. Commissioner

In a suit over fees paid by taxpayers’ operating companies to taxpayer-controlled management company, Tax Court says IRS expert’s cost markup analysis produces most credible arm’s-length management fee; this fee represents the allowable deduction amount.

Congel v Malfitano (I)

New York appellate court says trial court erred when it declined to apply minority discount in determining “value” of minority shareholder’s interest in partnership where shareholder wrongfully dissolved partnership and buyout was not a fair value proceed ...

In re Happy Child World, Inc.

In an entire-fairness-cum-statutory-appraisal case involving nonoperating day care center whose facility was leased on merger date, court approves use of capitalization of earnings and NAV models and averaging results to determine fair value; business model was uncertain on merger date, court notes.

Hubbard v. BankAtlantic Bancorp, Inc.

11th Circuit confirms reversal of securities fraud violation by Florida-based bank, based on failure by the plaintiff’s financial expert to apportion the amount of stock losses between the alleged fraud and other market and industry risks, particularly th ...

Pizzella v. Vinoskey (I)

Trial court finds ESOP trustee liable for causing plan to overpay for company stock; trustee failed to adequately respond to red flags in ESOP appraisal and did not act solely in the interest of ESOP, court says; owner is liable for accepting price he knew to be above stock’s fair market value.

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