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Valuation of Customer-Related Intangible Assets

Join BV thought leaders Robert Reilly and John Elmore for this special session covering the identification, valuation, and remaining useful life (RUL) analysis of customer-related intangible assets. In addition to fair value accounting, Reilly and Elmore will focus on the many other taxation, transaction, litigation, bankruptcy, and other reasons to value customer-related intangible assets.

Owen v. Cannon

In statutory appraisal, Chancery affirms need for tax affecting in calculating projected free cash flows for DCF model; “operative metric” under Kessler model is amount of funds available for distribution to shareholders, not actual distributions made.

Fair Value Valuation: Takeaways From SEC Comment Letters

Fair value measurement is a “hot-button” issue for the Securities and Exchange Commission (SEC), and valuation-related areas such as purchase price allocations, contingent consideration, intangible assets, goodwill, investments, and complex financial instruments continue to be a focus. Not only do valuation professionals providing services to public companies need to be aware of these critical issues, but also the problems that are addressed are just as relevant to private-company valuations. Join Lisa Swanson for a discussion ...

Reynolds American Inc. v. Third Motion Equities Master Fund Ltd.

In appraisal action involving merger of public (tobacco) company, court, guided by key Delaware court decisions, says deal price best reflects fair value and represents upper limit; contemporaneous valuations based on comparable companies, precedent transactions, and DCF support use of deal price.

Damages for Violating Noncompetes and Other Common Claims Involving Physicians, Hospitals and Healthcare Facilities

Any appraiser who's approached a healthcare assignment can tell you that the specifics and nuances of the healthcare industry only exacerbate common challenges to the valuation process. In Part 10 of BVR's Online Symposium on Healthcare Valuation series, curator Mark Dietrich joins Kevin Yeanoplos for an in-depth examination of one such area: economic damages. Through their presentation, Dietrich and Yeanoplos will discuss new and emerging trends in assessing and examining economic damage claims in the ...

Cede & Co., Inc. v. MedPointe Healthcare, Inc.

The Delaware Court of Chancery determined the fair value of publicly held stock in this dissenting shareholders’ action. The shareholders dissented from a two-step merger. However the court treated the first step as completed in making its fair value dete ...

Back to the Future? Exploding the Income Approach

Seeing the future? Compensating for excessive compensation? The feared levering and unlevering! What to do? Well don’t discount the advice of this expert panel as they work their way through the income approach from top to bottom. Join Bethany Hearn, Brenda Clarke, Kevin Yeanoplos, and Bob Dohmeyer in this entertaining and engaging web workshop. Half this event will focus on the numerator with a curated selection of hot issues such as forecasting, free cash flow ...

Business Valuation Through an ESG Lens

Understand the risks that environmental, social, and governance (ESG) factors impose on business values. This presentation will begin with an overview of ESG and the current regulatory and disclosure environment. Next, the presenters will dive into the impact that ESG scores have had on investment policies and credit decisions. Lastly, the webinar will cover the impacts of ESG on business values including the ESG components considered in the new IVSC exposure draft.

Goodwill in Physician Practice Valuations

Determining and apportioning personal and entity goodwill is a timeless and ubiquitous challenge in the business appraisal process. In the case of medical practices, however, this task requires a more robust skill set, including knowledge of medical regulation, income streams, and reimbursement schemes. In Part 11 of BVR's 2013 Online Symposium on Healthcare Valuation, experts Stacey Udell and Stacy Collins will address the critical information every appraiser must possess in order to perform a sound ...

School of Probability: The Use of Monte Carlo in Valuation

The one thing we know about valuations is that the future is unpredictable. How we deal with that uncertainty is critical to developing credible valuations. Join Oksana Westerbeke and Keith Konen to learn how Monte Carlo simulations can be used to deal with the uncertainty, allowing you to generate insights for your client and build credible valuations.

Fish v. GreatBanc Trust Co.

Court says defense expert opinion provides “credible and persuasive” support for court’s conclusion that ESOP financial advisor produced sound fairness and valuation opinions prior to contested transaction; there was no overpayment for stock at issue.

Fractus, S.A. v. Samsung Electronics Co.

Court affirms $23 million patent infringement award based on apportionment analysis of the plaintiff’s expert, which relied on internal as well as external documentation of value of patented technology without improperly invoking entire market value of in ...

BVLaw Case Update

Join Jim Alerding and Jim Ewart, veteran valuators, and Drew Soshnick, family law attorney and experienced valuation expert, for a discussion of some of the most consequential recent valuation and financial litigation decisions. The three experts will present and discuss this selection of state and federal cases. The analysis of these cases, which the experts handpicked for their importance, will provide insight into current issues in the business valuation arena and discussion of not only ...

Verition Partners Master Fund Ltd. v. Aruba Networks, Inc. (Aruba I)

In statutory appraisal proceeding, Court of Chancery says unaffected market price provides “direct evidence of the collective view of market participants” as to target’s fair value whereas deal-price-minus-synergies is a less reliable “indirect measure.”

Northeast Savings, F.A. v. United States

Court finds bank expert fails to prove federal legislation caused bank’s lost profits in breach of contract/Winstar case, when a variety of external and internal factors forced bank to shrink assets and divest risky portfolio.

In re Horsehead Holding Corp.

In a rare nod to shareholder concerns, Bankruptcy Court approves formation of equity committee based on “dramatic adjustment in valuation” and inconsistent management positions as to financial health of debtors pre-Chapter 11 and post-petition filing.

In re Tribune Co.

Bankruptcy court declines to confirm competing reorganization plans for billion dollar publishing conglomerate, in part based on flawed valuations from both parties.

Amazon.com, Inc. v. Commissioner (I)

In transfer pricing case, Tax Court says Amazon more accurately determined buy-in and cost-sharing payments by using CUT method to value separately three types of intangible assets; IRS’s DCF analysis results in improper enterprise valuation, court says.

Deseret Management Corp. v. United States

In tax refund case related to tax code’s like-kind exchange provisions, Court of Claims rejects a bright line rule that radio stations cannot have goodwill; it also finds that the discounted cash flow (DCF) method the government’s expert chose to determin ...

The ASA/USC Fair Value Conference: A BVR Live Webcast

BVR is pleased to partner with the American Society of Appraisers and the University of Southern California to present a live webcast of the 13th Annual Fair Value Conference at KPMG in Los Angeles. The conference agenda will feature presentations from nationally recognized speakers who are profession leaders, covering a range of fair value measurement and valuation topics, as well as other current and future expected trends regarding the FASB, SEC, and international accounting standards.

Agnelli v. Lennox Miami Corp.

In this lengthy opinion dealing with the fair value of a 12.5% interest the plaintiff held in a Florida hotel holding corporation, the U.S. District Court determined that discounts for minority interest and for marketability are not allowed. The court also determined damages for the breach of contract, or, in the alternative, breach of fiduciary duty, on the part of the plaintiff.

ASA_BVReview_Spring17

Free Downloads

Download the Spring 2017 issue of the Business Valuation Review that includes articles on petroleum property income and market valuation approaches, a primer on bargain purchases and negative goodwill, and much more.

Valuing Clinical Co-Management Arrangements

Perhaps the greatest change to the American healthcare system over the past few decades is the increased use of clinical co-management arrangements by hospitals to help the challenges of increasing competition, changing reimbursement structures, and shifting operational paradigms. As noted in the AHLA/BVR Guide to Healthcare Valuation, these arrangements are so unique and often so new that many valuation techniques are insufficient to assess their value. Join expert appraisers Greg Anderson and Schaeffer Smith to ...

Rochkind v. Stevenson

In a split decision featuring a long-running tort case that hinged on medical expert testimony regarding plaintiff’s claims of lead poising, divided state high court abandons two-channel approach, including Frye general acceptance test, for Daubert standard of admissibility of expert testimony.

White Buffalo Env’t, Inc. v. Hungry Horse, LLC

The case dealt with two motions to preclude testimony of an expert witness as to the loss in value of the plaintiff’s business. The plaintiff was an environmental consulting firm allegedly injured as a result of the actions of certain employees including breach of their fiduciary duty. The court concluded that the witness may testify because his report was based on sufficient facts and data and he applied reliable principles to the facts of this case.

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