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MIKMAR, Inc. v. Westfield Ins. Co.

In this business interruption case resulting from mandatory shutdowns to control COVID-19, the court grants the defendant insurance company’s motion to dismiss plaintiffs’ complaint seeking coverage for lost business income under their insurance policies. Plaintiffs operated a hotel and adjacent banquet and catering facility. In ruling against the plaintiffs, the court found the virus did not perceptibly harm the properties and the policies included a virus exclusion that prevented coverage of business losses.

Torgerson Props. v. Cont’l Cas. Co.

In this business interruption case resulting from mandatory shutdowns to control COVID-19, a federal court granted the defendant insurer’s motion to dismiss plaintiff’s suit over coverage, finding plaintiff’s claim for loss of income based on state orders restricting use does not meet “direct physical loss” prerequisite.

Court Finds Insurance Policies Are Not Ambiguous as to ‘Physical Loss’ Requirement and Dismisses Plaintiffs’ COVID-19-Related Damages Claims

In this business interruption case resulting from mandatory shutdowns to control COVID-19, the court grants the defendant insurance company’s motion to dismiss plaintiffs’ complaint seeking coverage for lost business income under their insurance policies. Plaintiffs operated a hotel and adjacent banquet and catering facility. In ruling against the plaintiffs, the court found the virus did not perceptibly harm the properties and the policies included a virus exclusion that prevented coverage of business losses.

Court Dismisses Plaintiff’s COVID-19-Related Suit, Noting Claimed Loss of Use of Properties Is Not Direct Physical Loss Under the Relevant Policy

In this business interruption case resulting from mandatory shutdowns to control COVID-19, a federal court granted the defendant insurer’s motion to dismiss plaintiff’s suit over coverage, finding plaintiff’s claim for loss of income based on state orders restricting use does not meet “direct physical loss” prerequisite.

In re Kinser Group LLC

In § 506(a) hotel valuations, bankruptcy court finds creditor’s experienced expert premised appraisals on “fundamentally flawed” base assumption that hotels would be sold on the valuation date, where debtor’s plan said debtor would retain and operate hotels; court said replacement value applied.

Expert’s Failure to Review Debtor’s Reorganization Plan Results in ‘Defective’ Hotel Appraisals

In § 506(a) hotel valuations, bankruptcy court finds creditor’s experienced expert premised appraisals on “fundamentally flawed” base assumption that hotels would be sold on the valuation date, where debtor’s plan said debtor would retain and operate hotels; court said replacement value applied.

In re EM Lodgings, LLC

In granting creditor’s stay relief motion, court averages competing expert valuations and finds debtor has no equity in contested hotel; court says value gap is result of experts’ legitimate disagreements over hotel’s future performance as reflected in inputs for DCF-based analyses.

Court Accords Equal Weight to Competing DCF-Based Hotel Valuations

In granting creditor’s stay relief motion, court averages competing expert valuations and finds debtor has no equity in contested hotel; court says value gap is result of experts’ legitimate disagreements over hotel’s future performance as reflected in inputs for DCF-based analyses.

Appraiser Lacks Necessary Valuation Expertise, Dissent Says

Court majority finds appointed appraiser’s fair value determination meets legal requirements applicable to dissenting shareholder proceeding; dissent says appraiser lacked valuation expertise and ignored proper business valuations from parties’ experts.

Appraiser Lacks Necessary Valuation Expertise, Dissent Says

Court majority finds appointed appraiser’s fair value determination meets legal requirements applicable to dissenting shareholder proceeding; dissent says appraiser lacked valuation expertise and ignored proper business valuations from parties’ experts.

Shaffer v. Visaggio’s, Inc. (I)

Court majority finds appointed appraiser’s fair value determination meets legal requirements applicable to dissenting shareholder proceeding; dissent says appraiser lacked valuation expertise and ignored proper business valuations from parties’ experts.

Shaffer v. Visaggio’s, Inc. (II)

Court majority finds appointed appraiser’s fair value determination meets legal requirements applicable to dissenting shareholder proceeding; dissent says appraiser lacked valuation expertise and ignored proper business valuations from parties’ experts.

Taxpayer Scores Partial Success in Cal. Hotel Property Tax Suit

Appeals court says assessor’s version of income approach to determine hotel property taxes violates law because it does not identify, value, and exclude certain intangible assets; but management fee deduction largely captures hotel’s goodwill.

SHC Half Moon Bay, LLC v. County of San Mateo

Appeals court says assessor’s version of income approach to determine hotel property taxes violates law because it does not identify, value, and exclude certain intangible assets; but management fee deduction largely captures hotel’s goodwill.

Court Approves Debtor’s ‘Feasible, But Tight’ Plan With 6% Interest Rate

In Chapter 11 proceeding, Bankruptcy Court approves debtor hotel owner’s reorganization plan over objection of creditor that holds both secured and unsecured claims; applying the “Till formula approach,” the court decides the plan’s proposed 6% “cramdown”

Intrinsic Value Review Precludes Inclusion of Fractional Discounts

The appellate court finds that, performing the requisite intrinsic value review, the circuit court properly declined to include in its analysis any discounts the husband’s expert proposed to account for his fractional interest in companies owning hotels ...

In Re: LMR, LLC

In Chapter 11 proceeding, Bankruptcy Court approves debtor hotel owner’s reorganization plan over objection of creditor that holds both secured and unsecured claims; applying the “Till formula approach,” the court decides the plan’s proposed 6% “cramdown”

Patel v. Patel

The appellate court finds that, performing the requisite intrinsic value review, the circuit court properly declined to include in its analysis any discounts the husband’s expert proposed to account for his fractional interest in companies owning hotels ...

25-Year Battle Over Hard Rock Turns on Value of IP Assets

Court affirms value of Hard Rock Cafe IP assets based on testimony by the brand’s owner/entrepreneur rather than his two IP experts.

Okun v. Morton

Court affirms value of Hard Rock Cafe IP assets based on testimony by the brand’s owner/entrepreneur rather than his two IP experts.

Bankruptcy Court Prefers Adjusted Balance Sheet Test, Including FMV of Brand License

Bankruptcy court rejects “equitable solvency test” for gaming resort debtors, finding that adjusted balance sheet test, as supported by expert evidence, was the preferred test.

In re Premier Entertainment Biloxi LLC

Bankruptcy court rejects “equitable solvency test” for gaming resort debtors, finding that adjusted balance sheet test, as supported by expert evidence, was the preferred test.

Competing Valuations of Trump Casinos Determine Fate, Feasibility of Restructuring

Bankruptcy court considers key valuation evidence—including total enterprise value, cost of debt, debt service capacity, and capex/EBITDA proections—in confirmation of reorganization plan for Trump casinos.

In the Matter of TCI 2 Holdings, LLC

Bankruptcy court considers key valuation evidence—including total enterprise value, cost of debt, debt service capacity, and capex/EBITDA proections—in confirmation of reorganization plan for Trump casinos.

‘Splitting the Difference’ Is Not an Acceptable Valuation Method in Divorce

“Splitting the difference” between two disparate appraisals is not an acceptable valuation method in divorce.

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