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ESOP Case Appeal Stokes Controversy Over DOL Valuations

A series of court cases have generated controversy over the tactics and valuation methods the Department of Labor (DOL) has been using, including claims that the DOL has improperly redefined the term “fair market value,” does not follow generally accepted valuation principles nor standards, and continually uses an expert the valuation community deems “unqualified.”

BVU News and Trends May 2020

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

Discounts inappropriate in valuing minority interest in mandatory buyback, appeals court rules

When a minority shareholder in an Indiana company was terminated as a director and officer, a dispute arose over whether, under a buyback agreement, the use of discounts for lack of control and marketability was permissible in valuing his shares.

Tax Court spurns IRS’ gift tax valuation theory and methodology

In a gift tax dispute, the U.S. Tax Court recently found for the taxpayer when it rejected the unusual reasoning and methodology the Internal Revenue Service’s trial expert proposed to keep low the discounts applicable to the nonvoting membership units in two limited liability companies (LLCs).

New DOL process agreement confronts control issue in ESOP valuations

The Department of Labor recently settled ESOP litigation with the trustee Farmers National Bank of Danville (FNB).

Best Practices – Thought Leadership in Valuation, Damages, and Transfer Price Analysis

March 2020 Hardcover

Robert F. Reilly, Robert P. Schweihs

Best Practicesincludes more than 1,200 pages of thought leadership on a wide range of topics, including the valuation of private company securities and intangible assets, valuation for property tax purposes, valuation for ESOPs, fair value measurement for financial accounting purposes, transfer price analysis, and economic damages measurement. Learn more >>

Updated versions of two closed-end fund reports for estimating DLOC

Closed-end fund (CEF) data are commonly used to derive discounts for lack of control (DLOC) for closely held holding companies invested in marketable securities.

Grieve v. Commissioner

In gift tax dispute, Tax Court rejects IRS expert’s valuation of noncontrolling, nonmarketable interests in two LLCs; expert proposed valuation theory and method were intended to lower opposing experts’ minority and marketability discounts but lacked support in facts, case law, or among peers.

Tax Court Rejects IRS’ Value Analysis, Finding It Assumes Additional Actions Not ‘Reasonably Probable’

In gift tax dispute, Tax Court rejects IRS expert’s valuation of noncontrolling, nonmarketable interests in two LLCs; expert proposed valuation theory and method were intended to lower opposing experts’ minority and marketability discounts but lacked support in facts, case law, or among peers.

Scalia v. Farmers National Bank of Danville & Weddle Bros. Const. Co.

Under new processing agreement between DOL and specific ESOP trustee, trustee is bound by strict rules on how to handle controlling-interest acquisitions and indemnification issues; trustee must ensure ESOP plan acquires a series of specified rights before approving payment of a control premium.

DOL Processing Agreement Contains Stringent Rules on Controlling Interest Transactions, Indemnification

Under new processing agreement between DOL and specific ESOP trustee, trustee is bound by strict rules on how to handle controlling-interest acquisitions and indemnification issues; trustee must ensure ESOP plan acquires a series of specified rights before approving payment of a control premium.

Attack on DOL’s ability to seek monetary damages in Vinoskey ESOP case fails

In the contentious Vinoskey ESOP case, the trustee recently asked for a new trial, arguing the Secretary of Labor, representing the plaintiff, lacked the statutory authority to seek monetary damages on behalf of the ESOP and the court lacked the authority to hear this claim.

BVU News and Trends January 2020

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

Global BVU News and Trends January 2020

Business valuation news from a global perspective.

Registration open for workshop on valuing FLPs and LLCs

BVR is pleased to announce a special four-hour web workshop, A Masterclass in the Valuation of Family Limited Partnerships and LLCs, on December 5, featuring leading experts on the topic, Bruce Johnson and Jim Park (Munroe, Park & Johnson Inc.) and Spencer Jeffries (Partnership Profiles).

BVR/FactSet Control Premium Study updated for 3Q

Buyers continue to pay more for control in the EU and UK than in most of the other major markets.

Do alliances and partnerships increase value?

Most business valuation experts accept the fact that business partnerships (for IP or shared revenue opportunities) add to the value of a pool of assets.

BVR now offers two closed-end fund reports for estimating DLOC

Closed-end fund (CEF) data are commonly used to derive discounts for lack of control (DLOC) for closely held holding companies invested in marketable securities.

Acquisition Premiums Amid Added Complexity in Market Transactions

In a fair value setting, while the acquisition premium (known also as a control premium) has been identified as a significant variable, its application and value measurement remain less well understood than the traditional components of acquisition finance.

BVU News and Trends October 2019

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

What is control worth? New update from BVR/FactSet

The median price paid for the benefit of acquiring a controlling interest dropped slightly, to 26.5%, during the second quarter, according to the FactSet/BVR Control Premium Study.

Control Premiums and Deal Flow Analyzed in 2019 Mergerstat Review

This is an M&A year in review, highlighting the trends in multiples and sector analysis through the 12,008 transactions of 2018, the sixth most acquisitive year in history. Includes a discussion of the most notable transaction, a twist on a notable cancellation, analysis on the industrial services sector, and the trend in premiums.

Global BVU News and Trends August 2019

Business valuation news from a global perspective.

Court whittles down damages in Vinoskey ESOP case

The trial court recently unequivocally sided with the Department of Labor in its liability findings against the defendants in the Vinoskey ESOP case, but the court made adjustments to the DOL’s damages calculation that reduced the liability to the defendants considerably.

Expert comments on Vinoskey ESOP ruling

ESOP appraisers are questioning the technical aspects of the Vinoskey and Brundle rulings and asking what the recent rulings may mean for the future of employee ownership plans.

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