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Rose’s 1, LLC v. Erie Ins. Exch.

D.C. court, ruling on parties’ motions for summary judgment, finds restaurant owners cannot show that mayor’s COVID-19-related closure orders constituted “direct physical loss” to the property, as required under the existing business interruption policy; court rules for insurer and closes case.

Court Says Restaurants Fail to Meet Requirements for COVID-19-Related Business Interruption Coverage

D.C. court, ruling on parties’ motions for summary judgment, finds restaurant owners cannot show that mayor’s COVID-19-related closure orders constituted “direct physical loss” to the property, as required under the existing business interruption policy; court rules for insurer and closes case.

Raley v. Brinkman

In LLC member buyout dispute, the Court of Appeals finds the term “fair value” does not contemplate the use of shareholder-level discounts. However, tax affecting is relevant evidence when determining the going-concern value of subject S corp. Trial court must consider evidence on tax affecting.

Tennessee Appeals Court Clarifies Use of Discounts and Tax Affecting in Court-Ordered LLC Buyout

In LLC member buyout dispute, the Court of Appeals finds the term “fair value” does not contemplate the use of shareholder-level discounts. However, tax affecting is relevant evidence when determining the going-concern value of subject S corp. Trial court must consider evidence on tax affecting.

Bayou Place Limited Partnership v. Alleppo’s Grill, Inc.

In rent payment dispute, court rejects defendant restaurant’s force majeure claim that devastating hurricane was act of God that interfered with restaurant’s use of property and excused performance where lease did not contain force majeure provision and rent payments stopped before storm.

Defendants’ Force Majeure Defense Related to Hurricane Devastation Does Not Excuse Breach of Contract

In rent payment dispute, court rejects defendant restaurant’s force majeure claim that devastating hurricane was act of God that interfered with restaurant’s use of property and excused performance where lease did not contain force majeure provision and rent payments stopped before storm.

In re Panera Bread Company

In appraisal action involving sale of public company, court says sale process had “objective indicia of reliability,” justifying use of deal price for fair value determination; synergy deduction is appropriate to account for value from anticipated cost and tax-related savings due to merger.

Court Considers Deal Price Persuasive Indicator of Fair Value and Approves Synergy Deduction

In appraisal action involving sale of public company, court says sale process had “objective indicia of reliability,” justifying use of deal price for fair value determination; synergy deduction is appropriate to account for value from anticipated cost and tax-related savings due to merger.

Persaud v. Goad

Court affirms divorce valuations for mixed real estate and business assets; even if trial court erred in stating negative value for business that generated no income but carried high annual costs, the error was harmless where court reframed decision as one of fairness rather than finances.

Mix of Real Estate and Business Assets Poses Valuation Challenges for Courts

Court affirms divorce valuations for mixed real estate and business assets; even if trial court erred in stating negative value for business that generated no income but carried high annual costs, the error was harmless where court reframed decision as one of fairness rather than finances.

Arizona Court Says Owner’s Goodwill in Restaurants Represents Community Asset

Appeals court affirms trial court’s decision to give wife portion of value of goodwill in two restaurants husband set up with new partner during separation, where restaurants carried husband’s name and featured recipes he had developed during the marriage; goodwill is a community asset.

Jimenez v. Jimenez

Appeals court affirms trial court’s decision to give wife portion of value of goodwill in two restaurants husband set up with new partner during separation, where restaurants carried husband’s name and featured recipes he had developed during the marriage; goodwill is a community asset.

Rebuttal Opinion Helpful to Jury Because Valuation ‘Not a Common-Sense Subject’

Court declines to exclude rebuttal damages testimony, noting rebuttal expert’s professional background and qualifications were similar to that of principal expert and rebuttal opinion was helpful to jury in assessing principal expert’s damages calculation.

Shareholder Agreement Sparks Suit Over Discount Use in FMV Calculation

Appeals court affirms probate court’s ruling that ambiguous shareholder agreement requiring determination of fair market value of decedent’s minority interest in closely held companies accommodated use of discounts for lack of marketability and control.

Shareholder Agreement Sparks Suit Over Discount Use in FMV Calculation

Probate court says expert and other testimony aiding in interpretation of ambiguous shareholder agreement shows that fair market value determination of decedent’s minority interest allowed for use of discounts for lack of marketability and control.

Spencer Franchise Servs. of Ga. v. WOW Café & Wingery Franchising Account, LLC

Court declines to exclude rebuttal damages testimony, noting rebuttal expert’s professional background and qualifications were similar to that of principal expert and rebuttal opinion was helpful to jury in assessing principal expert’s damages calculation ...

In re Estate of Bittner (Bittner II)

Appeals court affirms probate court’s ruling that ambiguous shareholder agreement requiring determination of fair market value of decedent’s minority interest in closely held companies accommodated use of discounts for lack of marketability and control.

Treatment of Debt Skews Valuation of Franchise Business

Appeals court acknowledges impossibility of duplicating calculations underlying trial court’s valuation of husband’s LLC owning McDonald’s franchises but surmises result hinges on treatment of funds from family trust to LLC as debt, rather than equity.

Lack of Marketability a Factor in Valuing Minority Interest

In buyout case, calculation of fair value of minority shareholder’s interest in restaurant turns on forensic accountant’s credit/cash ratio analysis; New York trial court says law recognizes lack of marketability as a factor in valuing closely held corpor ...

Cortes v. 3A N. Park Ave. Rest Corp.

In buyout case, calculation of fair value of minority shareholder’s interest in restaurant turns on forensic accountant’s credit/cash ratio analysis; New York trial court says law recognizes lack of marketability as a factor in valuing closely held corpor ...

Freihage v. Freihage

Appeals court acknowledges impossibility of duplicating calculations underlying trial court’s valuation of husband’s LLC owning McDonald’s franchises but surmises result hinges on treatment of funds from family trust to LLC as debt, rather than equity.

In re Estate of Bittner (Bittner I)

Probate court says expert and other testimony aiding in interpretation of ambiguous shareholder agreement shows that fair market value determination of decedent’s minority interest allowed for use of discounts for lack of marketability and control.

Valuation Confirms Salability of ‘Unique’ Restaurant’s Goodwill

State high court rejects per se extension of personal goodwill concept to nonprofessional businesses and finds in case at issue restaurant’s valuation indicates goodwill is marketable and thus corporate and subject to marital distribution.

Brave v. Brave (II)

State high court rejects per se extension of personal goodwill concept to nonprofessional businesses and finds in case at issue restaurant’s valuation indicates goodwill is marketable and thus corporate and subject to marital distribution.

Can a Restaurant Have Personal Goodwill?

State appellate court finds “professional license goodwill” exception, which treats personal goodwill as professional spouse’s separate property, applies to “unique,” successful restaurant and directs trial court to determine how much of the business’s go ...

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