Bankruptcy Court Denies Summary Judgment That Financing Is a Loan and Not a Change of Control
The wind down trustee sought a summary judgment order in the form of a declaration that no sale or change of ownership or control occurred when the debtor entered into a DIP and exit loan agreements with a capital financing company. A change of ownership or control would result in the estate owing a break fee to Fifth Seasons Investment. The court denied summary judgment for reasons outlined in the opinion.
GWG Holdings, Inc. v. Fifth Season Investments, LLC (In re GWG Holdings, Inc.)
The wind down trustee sought a summary judgment order in the form of a declaration that no sale or change of ownership or control occurred when the debtor entered into a DIP and exit loan agreements with a capital financing company. A change of ownership or control would result in the estate owing a break fee to Fifth Seasons Investment. The court denied summary judgment for reasons outlined in the opinion.
In Demutualization, IPO Share Price Guides Cost Basis Determination
In insurance demutualization, federal court declines to apply “open transaction doctrine” or adopt IRS’s zero cost basis approach; it finds the IPO price of the shares the taxpayers received under demutualization was “the first valuation of what Plaintiff ...
Dorrance v. U.S.
In insurance demutualization, federal court declines to apply “open transaction doctrine” or adopt IRS’s zero cost basis approach; it finds the IPO price of the shares the taxpayers received under demutualization was “the first valuation of what Plaintiff ...
Atypical Life Insurance Firm Proves a ‘Sticky Wicket’ for Experts, Court
California approves excess earnings and “formula” approach to valuing atypical life insurance firm, based on industry compensation and revenue data.
In re Marriage of Hashemian
California approves excess earnings and “formula” approach to valuing atypical life insurance firm, based on industry compensation and revenue data.
Federal Court Issues New Rule for Valuing Stock in Insurance Demutualization
Federal Claims Court rules against long-standing IRS position that stock in insurance company demutualization has a cost basis of zero value.
Fisher v. U.S.
Federal Claims Court rules against long-standing IRS position that stock in insurance company demutualization has a cost-basis of zero value.
Delaware Chancery Rejects DCF Analysis in Insurance Company Appraisal
Delaware Chancery Court favors “shared synergies” and actuarial analysis in the fair value appraisal of an insurance conglomerate’s merger.
Highfields Capital, Ltd. v. AXA Financial, Inc.
Delaware Chancery Court favors “shared synergies” and actuarial analysis in the fair value appraisal of an insurance conglomerate’s merger.
Waton v. Waton
Husband failed to value the business before marriage in the context of an antenuptial agreement. The court held this did not void the agreement.
Two-year restrictive contract disregarded
The issue in this marital dissolution was the value of husband’s Allstate insurance agency.
Alpha v. Alpha
The issue in this marital dissolution was the value of husband’s Allstate insurance agency.
Waton v. Waton
Husband failed to value the business before marriage in the context of an antenuptial agreement. The court held this did not void the agreement.
CEO’s Complex Damage Model Excluded Under Fed. R. Evid. 701 and 702
The U.S. Court of Appeals for the 10th Circuit affirmed a district court’s decision excluding a lost profits estimate, computed using a regression analysis, under Fed. R. Evid. 702.
LifeWise Master Funding, et al. v. Telebank
The U.S. Court of Appeals for the Tenth Circuit affirmed a district court’s decision excluding a lost profits estimate, computed using a regression analysis, under Fed. R. Evid. 702.
M Life Ins. Co. v. Sapers & Wallack
One issue in this case was the marketability discounts allowed to corporate stock due to minority status.
No Minority Discount in Colorado; Marketability Discount on Case-by-Case Basis
Respondent was a Class A shareholder of petitioner.
Unusual Corporate Structure and Valuation Discounts Considered
The Colorado Court of Appeals considered various aspects of the valuation in this dissenting shareholder action.
Breach of Directors' Fiduciary Duty Gains Dissenters Expanded Remedy
The court in this case concluded that "the sole purpose of eliminating the minority stockholders" did not constitute a "proper business purpose" for a squeeze-out merger.
M&W, Inc. v. Pacific Guardian Life Insurance Co.
The Decision Previously Reported at this Citation has been Depublished and Withdrawn at the Request of the Court Order of Depublication Reported at: 1998 Haw. LEXIS 340.
Court Criticizes Experts on Both Sides of Gift Tax Case
The issue is the fair market value of minority shares of a privately held life insurance company.
Rabenhorst v. Commissioner
At issue is the fair market value of stock which petitioners gave to their children.
Doris F. and Alvin P. Rabenhorst, Sr. v. CIR
The Tax Court valued minority interests in a closely held firm. It considered a pre-valuation date redemption and an appraisal performed using the public company guideline method. The redemption was probative even though it was an interfamily redemption ...
Court Gives Consideration to Intrafamily Redemption Value
The Tax Court valued minority interests in a closely held firm. It considered a pre-valuation date redemption and an appraisal performed using the public company guideline method. The redemption was probative even though it was an interfamily redemption ...