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.
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.
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.
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 ...
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.
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 ...
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 ...
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.
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.
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 ...
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.
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.
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.
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.
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.
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 ...
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.
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.
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.
Gift_Tax_Report_Family_LLC_with_Real_Estate
Sample Reports
45 PERCENT AND 10 PERCENT MEMBER INTERESTS IN GREEN INVESTMENTS, LLC VALUATION REPORT OCTOBER 31, 2020 © TRUGMAN VALUATION ASSOCIATES, INC. 2020 TABLE OF CONTENTS Page INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description of ...
In re Yellowstone Mountain Club, LLC
Bankruptcy court avoids $209 million loan distribution to a resort owner, finding he (and counsel) manipulated the valuation experts, inflated projections, and used flawed appraisals for the underlying assets.
In re Lehman Bros. Holdings Inc.
Bankruptcy court denies Lehman Brother’s motion to reconsider billion-dollar distressed sale of brokerage assets during financial meltdown of September 2008, based in part on expert evidence that showed Barclays did not receive a $13 billion “windfall.”
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.