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Business Valuation Case Law Yearbook, 2022 Edition

January 2022 PDF, Softcover (177 pages)

BVR (editor)

Business Valuation Resources, LLC

The legal coverage and in-depth analysis from the BVR legal team deliver lessons learned to help appraisers reach better and more defensible valuation conclusions. All the cases featured in this book impart important lessons about applicable legal principles, approved and discredited valuation methodology, and the act (and art) of presenting expert opinions. This must-have collection benefits both the generalist as well as the specialist.

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Sherman v. Sherrod

In this primarily procedural ruling, the Michigan Court of Appeals affirmed judgment from a lower court awarding damages, including goodwill, for breach of contract arising from a sale of a medical practice, including goodwill. The plaintiffs claimed that the defendants’ failure to comply with the transfer assistant clauses in the sale contract destroyed the practice goodwill, among other things.

In a Primarily Procedural Ruling, the Michigan Court of Appeals Affirms a Damages Award Including Goodwill

In this primarily procedural ruling, the Michigan Court of Appeals affirmed judgment from a lower court awarding damages, including goodwill, for breach of contract arising from a sale of a medical practice, including goodwill. The plaintiffs claimed that the defendants’ failure to comply with the transfer assistant clauses in the sale contract destroyed the practice goodwill, among other things.

Paganelli v. Lovelace

This case resulted in the court issuing a partial summary judgment in favor of the defendant (and counterclaimant) in a matter regarding a sale/purchase contract between the plaintiff and the defendant. The cross-allegations resulted from the defendant allegedly breaching the purchase contract, while the defendant alleged that the plaintiff first breached the contract and committed fraud in entering into the contract.

Court Issues Partial Summary Judgment in Favor of Party Alleging Breach of Contract

This case resulted in the court issuing a partial summary judgment in favor of the defendant (and counterclaimant) in a matter regarding a sale/purchase contract between the plaintiff and the defendant. The cross-allegations resulted from the defendant allegedly breaching the purchase contract, while the defendant alleged that the plaintiff first breached the contract and committed fraud in entering into the contract.

Precision Kidd Acquisition, LLC v. Pass

In merger-related damages case, court upholds damages based on profits lost from key client’s termination of supply agreement with seller company; trial court properly rejected buyer expert’s DCF-based loss analysis which, among other flaws, overstated value of lost contract to seller company.

Proper Damages Measure Is Lost Profits Calculation, Not DCF-Based Loss Analysis

In merger-related damages case, court upholds damages based on profits lost from key client’s termination of supply agreement with seller company; trial court properly rejected buyer expert’s DCF-based loss analysis which, among other flaws, overstated value of lost contract to seller company.

In COVID-19 Business Interruption Case, Court Finds Business Cannot Show Insurer’s Coverage Denial Breached Contract

In business interruption case resulting from mandatory shutdowns to control COVID-19, court finds plaintiff chiropractic clinic failed to show insurer breached its policy; court says plaintiff did not demonstrate “tangible damage” to property and failed to overcome policy’s express virus exclusion.

Turek Enterprises, Inc. v. State Farm Mutual Automobile Insurance Co.

In business interruption case resulting from mandatory shutdowns to control COVID-19, court finds plaintiff chiropractic clinic failed to show insurer breached its policy; court says plaintiff did not demonstrate “tangible damage” to property and failed to overcome policy’s express virus exclusion.

Judicial panel resistant to consolidating COVID-19 business interruption litigation

Responding to requests by plaintiffs who are pursuing lawsuits against insurers for COVID-19-related business losses, the Judicial Panel on Multidistrict Litigation (JPML Panel) recently rejected two proposals for centralization.

Courts are weighing in on COVID-19 business interruption claims

COVID-19-related business interruption cases are winding their way through the court system, and one state court, in a matter of first impression, recently issued a decision against the business owner.

Court ‘Sympathizes’ With Businesses Claiming COVID-19-Related Losses but Finds No Coverage Under Policy

In a business interruption case resulting from mandatory shutdowns to control COVID-19, court dismisses plaintiff barbershops’ claims against insurance company; plaintiffs failed to show accidental direct physical loss to premises as required for coverage and did not overcome express virus exclusion.

Diesel Barbershop, LLC v. State Farm Lloyds

In a business interruption case resulting from mandatory shutdowns to control COVID-19, court dismisses plaintiff barbershops’ claims against insurance company; plaintiffs failed to show accidental direct physical loss to premises as required for coverage and did not overcome express virus exclusion.

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.

BVU News and Trends July 2020

A monthly roundup of key developments of interest to business valuation experts.

Michigan court decides COVID-19 business interruption claim; many more cases in the pipeline

COVID-19-related business interruption cases are winding their way through the court system, and one state court, in a matter of first impression, recently issued a decision.

BVU News and Trends June 2020

A monthly roundup of key developments of interest to business valuation experts.

Plaintiff’s COVID-Related Contract Claim Falters Despite Force Majeure Provision

Court says plaintiff fails to show defendant breached contract in COVID-19-related damages case; plaintiff’s invocation of force majeure clause is futile where clause is silent as to whether plaintiff has a right to full deposit after termination of contract due to imposed travel restrictions.

NetOne, Inc. v. Panache Destination Management

Court says plaintiff fails to show defendant breached contract in COVID-19-related damages case; plaintiff’s invocation of force majeure clause is futile where clause is silent as to whether plaintiff has a right to full deposit after termination of contract due to imposed travel restrictions.

Business interruption trends and cases triggered by COVID-19

The gleaming billboards of Times Square went dark on May 27 for one minute to alert the nation that pandemic-related business interruption insurance claims are being denied by insurers.

BVU News and Trends May 2020

A monthly roundup of key developments of interest to business valuation experts.

Does business interruption insurance decrease company-specific risk?

Business valuers often ‘tic the box’ on property and casualty insurance policies as part of their management interviews.

No act of God excuse for Victoria’s Secret buyer—February agreement excepted pandemic

In the wake of COVID-19, a number of buyers have resorted to force majeure (aka act of God) clauses to withdraw from deals.

Business interruption cases and the role financial experts can play

Filing a business interruption claim has become one of the go-to moves for businesses as they try to mitigate the impact of COVID-19. A discussion of two cases that were adjudicated just before the COVID-19 crisis came into relief explains the trajectory many claims, including claims arising out of the COVID-19 crisis, may take and points to opportunities for damages experts.

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