Compromised Section 1031 appraisal sinks Exelon tax strategy for fossil fuel power plant sale
U.S. Tax Court Judge David Laro frequently has cautioned experts not to give in to hiring attorneys who want to shape the appraisal. Although federal and state discovery rules offer some protection for attorney-expert communication, there is a risk of exposure and with it a risk of damage to the expert’s work product and reputation. A recent Section 1031 case, which Judge Laro handled, illustrates what happens when the communication is discovered.
Court Clarifies Rule 26 Protection for ‘Reporting’ and ‘Non-reporting’ Experts
Court says background information in expert’s report is what Rule 26 has in mind in requiring statement of “the facts or data considered by the witness” in forming his opinion; court clarifies discovery rules to communication with nonreporting expert.
Court Clarifies Rule 26 Protection for ‘Reporting’ and ‘Non-Reporting’ Experts
Court says background information in expert’s report is what Rule 26 has in mind in requiring statement of “the facts or data considered by the witness” in forming his opinion; court clarifies discovery rules to communication with nonreporting expert.
Luminara Worldwide, LLC v. Liown Elecs. Co.
Court says background information in expert’s report is what Rule 26 has in mind in requiring statement of “the facts or data considered by the witness” in forming his opinion; court clarifies discovery rules to communication with nonreporting expert.
Bombardier Rec. Prods. v. Arctic Cat Inc.
Court says under federal discovery rule applicable to expert testimony annotated draft expert reports are discoverable as to comments one expert made to other expert’s draft report and as to portion of the draft to which comment was made.
Georgia-Pacific Analysis Satisfies Apportionment Requirement, Court Says
Court says under federal discovery rule applicable to expert testimony annotated draft expert reports are discoverable as to comments one expert made to other expert’s draft report and as to portion of the draft to which comment was made.
Practice tips for valuation experts from tax court insiders
Judge Laro reminded experts to guard against domineering attorneys who insist on reviewing draft opinions and seek to nudge an expert into achieving a predetermined result. Valuation experts need to know the discovery rules (Rule 26 of the Federal Rules of Civil Procedure) rather than assume that all of the attorney-expert communication is protected.
Expert Rebuttal Fails to Engage With Initial Valuation
Court excludes so-called rebuttal report where expert failed to review the initial expert report but instead contradicted the opposing party’s main contention; proponent’s attempt to append report to proper rebuttal valuation testimony is “gamesmanship.”
Admissibility Does Not Depend on Personal Knowledge of Facts
Appeals court says expert’s lack of personal knowledge of information undergirding lost profits calculation does not disqualify his opinion, as long as he can show experts in his field would rely on this information and it is otherwise reasonably reliable ...
Clear-View Technologies, Inc. v. Rasnick (II)
Court excludes so-called rebuttal report where expert failed to review the initial expert report but instead contradicted the opposing party’s main contention; proponent’s attempt to append report to proper rebuttal valuation testimony is “gamesmanship.”
Clear-View Technologies, Inc. v. Rasnick (I)
Court excludes so-called rebuttal report where expert failed to review the initial expert report but instead contradicted the opposing party’s main contention; proponent’s attempt to append report to proper rebuttal valuation testimony is “gamesmanship.”
Delaware Chancery Orders Disclosure of Nonexpert Internal Valuations
In discovery dispute over prelitigation valuation-related information, Chancery orders dissenting shareholders to disclose internal assessments of stock value finding information likely is admissible reflecting “real-world” opinion of “astute” investors.
Am. Eagle Waste Indust., LLC v. St. Louis County
Appeals court says expert’s lack of personal knowledge of information undergirding lost profits calculation does not disqualify his opinion, as long as he can show experts in his field would rely on this information and it is otherwise reasonably reliable ...
In re Dole Food Co. (Dole I)
In discovery dispute over prelitigation valuation-related information, Chancery orders dissenting shareholders to disclose internal assessments of stock value finding information likely is admissible reflecting “real-world” opinion of “astute” investors.
Hanusin v. Hanusin
In a divorce case involving a closely held corporation, the appeals court finds trial court was justified to credit a 2004 stock purchase agreement instead of a 2012 settlement when valuing husband’s shares; the buyout was a true arms-length transaction ...
Salumbides v. Salumbides
Divorce court values medical practice based solely on accounts receivable, largely due to lack of evidence and cooperation from owner-spouse.
Mary Ann Linsell v. Applied Handling, Inc.
The Michigan Court of Appeals determined that a financial expert should not be excluded as a discovery sanction when the failure to provide supplemental responses to interrogatories from an expert are occasioned by a delay in providing necessary information.
Succedding as an Expert Witness: Increasing Your Impact and Income
Tageh Press , Glenwood Springs, CO 81602, (970)945-6887. Softbound, 8" x 5 ½", 358 pages. Available for $39.95 (plus s&h) from Business Valuation Resources, LLC, 7412 S.W. Beaverton-Hillsdale Hw ...
First ABA/ASA joint conference highlights importance of business valuation
The American Bar Association (ABA) and co-sponsor American Society of Appraisers (ASA) held their first ever joint business valuation conference in San Francisco, California, May 3-5, titled "Business ...
Can a business valuation expert be deposed in seven hours?
The Judicial Conference of the United States recently approved proposed amendments to the Federal Rules of Civil Procedure, following a three-year study and extensive discussion by judges and lawyer ...
FRCP 26
FRCP 26 V. DEPOSITIONS AND DISCOVERY Rule 26. General Provisions Governing Discovery; Duty of Disclosure (a) Required Disclosures; Methods to Discover Additional Matter. (1) Initial Disc ...
avoiding legal malpractice in family law cases: the dangers of not engaging in financial discovery
n Avoiding legal malpractice in family law cases: The dangers of not engaging in financial discovery , Grossman, Andrew S. Family Law Quarterly , Volume 33, Number 2, Summer 1999, p. 361. Th ...