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BV News and Trends October 2022

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

Great turnout for the AAML/BVR National Divorce Conference

The AAML/BVR National Divorce Conference harkened back to prepandemic times as family law attorneys and valuation experts met in person in Las Vegas September 18-20.

Divorce Highlight: Last chance—AAML/BVR Divorce Conference starts Sunday September 18

Connect with divorce attorneys from across the US at the AAML/BVR National Divorce Conference in Las Vegas September 18-20.

Divorce Highlight: PPP loans, goodwill, BIG tax in recent divorce cases

How do you treat a PPP loan in a marital dissolution case?

Divorce Highlight: Hitchner’s wrath continues regarding Damodaran’s attacks

Speaking at the NACVA’s Business Valuation & Financial Litigation Super Conference last week, Jim Hitchner (Valuation Products and Services) continued his strong rebuttal of some severe criticisms Aswath Damodaran (New York University Stern School of Business) made during a recent BVR webinar about certain inputs to the cost of capital (see prior coverage here).

Divorce Highlight: What’s in a judge’s mind?

In divorce matters, the most important audience is often the trier of fact, so anytime you can glean insights from them is time well spent.

Divorce Highlight: Forging the attorney-expert relationship

“One of the things I suggest to younger family lawyers is to make relationships with experts,” says Jay Fishman (Financial Research Associates) in a recent interview with Family Lawyer Magazine.

Simons v. Simons

The Nebraska Supreme Court allowed a fair value determination by the wife’s expert as the appropriate value for a divorce case and did not include any discounts that might apply in a fair market value determination. Much of the opinion dealt with the issue of a constructive trust, which the trial court determined results in a 50% ownership by the wife in the family business.

Nebraska Supreme Court Allows Fair Value Determination for Family-Owned Business and Does Not Allow Discounts

The Nebraska Supreme Court allowed a fair value determination by the wife’s expert as the appropriate value for a divorce case and did not include any discounts that might apply in a fair market value determination. Much of the opinion dealt with the issue of a constructive trust, which the trial court determined results in a 50% ownership by the wife in the family business.

Divorce Highlight: Something for everyone at the AAML/BVR Divorce Conference

The breadth of topics run from basic to complex at the 2022 AAML/BVR National Conference, which will be held on September 18-20 in Las Vegas.

Divorce spotlight: valuing a family business with complex ownership

When a family business caught up in divorce is not a simple 100% ownership, things can get complicated—from both a valuation and legal perspective.

New Toolkit for Passive Appreciation Takes Shape

BVR and Dr. Ashok Abbott (West Virginia University) are developing an automated tool and supporting documentation that embodies his peer-reviewed methodology for separating active from passive appreciation of business assets in a divorce context.

Appeals court affirms modified liquidation value in shareholder dispute

In a Michigan shareholder deadlock case, a special master recommended that a sale of shares from one shareholder to the other would yield more value than if the company were dissolved.

No deduction for tax in shareholder buyout

In a North Dakota partnership dissolution case, the defendants argued on appeal that the district court erred in its valuation.

BV News and Trends May 2022

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

Ng v. Ng

The New York Supreme Court was asked to provide a preliminary injunction enjoining the defendants from conducting business that resulted in damage to the goodwill of a company it had sold in its entirety as part of a dissolution agreement. The court granted the “limited preliminary injunction.”

Michigan Appeals Court Affirms Modified-Liquidation Value in a Shareholder Deadlock Litigation

In this shareholder deadlock litigation, the appellate court affirmed the decision of the trial court that the solution to the deadlock was to order a buyout of the plaintiffs’ stock by the defendants as opposed to a dissolution of the company. The appellate court also affirmed the use of a modified-liquidation value as providing a value that maximized the value to the individual shareholders.

Pitsch v Pitsch Holding Co.

In this shareholder deadlock litigation, the appellate court affirmed the decision of the trial court that the solution to the deadlock was to order a buyout of the plaintiffs’ stock by the defendants as opposed to a dissolution of the company. The appellate court also affirmed the use of a modified-liquidation value as providing a value that maximized the value to the individual shareholders.

BV News and Trends April 2022

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

Court tweaks blue-sky method in valuing a car dealer

A Tennessee appellate court recently considered the Chancery Court’s determination of the value of an oppressed minority shareholder’s interest in an “ultra-high-end” car dealership.

Gary Trugman shares sample valuation reports

A good selection of eight sample valuation reports is available on the companion website of Gary Trugman’s book, Understanding Business Valuation, 6th edition.

Full agenda for the AAML/BVR divorce conference

The full agenda has been posted for the National Divorce Conference, sponsored by the American Academy of Matrimonial Lawyers (AAML) and BVR.

Sproule v. Johnson

In this partnership dissolution case, the North Dakota Supreme Court affirmed the district court’s decision to use an appraisal of the Canadian entity as of 2019 instead of a value from an earlier agreement in principal. The later date was within the purview of the district court’s flexibility. Further, the Supreme Court affirmed the district court’s decision not to reduce the value of a partnership asset of stock in a Canadian corporation for taxes.

North Dakota Supreme Court Affirms Valuation Date, Affirms No Deduction for Taxes in Determining Stock Value

In this partnership dissolution case, the North Dakota Supreme Court affirmed the district court’s decision to use an appraisal of the Canadian entity as of 2019 instead of a value from an earlier agreement in principal. The later date was within the purview of the district court’s flexibility. Further, the Supreme Court affirmed the district court’s decision not to reduce the value of a partnership asset of stock in a Canadian corporation for taxes.

How to find hidden assets in divorce

Parties to a divorce may not be totally forthcoming with assets they own, so the valuation expert often has to help ferret them out.

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