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BV News and Trends August 2022

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

BV News and Trends July 2022

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

No discounts in New Jersey shareholder buyout case

New Jersey is one of several states that allow discounts for lack of control and marketability in fair value situations if it is proven that the discounts are fair and equitable, but, in a recent case, the trial court disallowed the discounts—and an appellate court agreed.

Takeaways from the ASA Fair Value Conference

The 2022 ASA NY Fair Value Conference was held in hybrid form (online and in-person from Hoboken, N.J.) on June 16.

Sipko v. Koger, Inc.

Sipko v. Koger, Inc. 2022 N.J. LEXIS 557 US New Jersey State Court Supreme Court Hubert Klein; Martin Schmidt Pierre-Louis; Rabner; Solomon; Albin; Fluentes 7373 Computer Integrated Systems Design 541512 Computer Systems Design Services ...

The Supreme Court of New Jersey Accepts Trial Court’s Value of Companies and Denies a Marketability Discount in a ContentiousBuyout Dispute

The Supreme Court of New Jersey, in its second attempt to resolve this long-running shareholder dispute, a “thoroughly chewed apple”, and buyout, reversed the appellate court and remanded the case to the trial court for reinstatement of its valuation of the shareholder’s interest in two businesses and also agreed with the trial court that no marketability discount should be allowed to reduce the amount to be awarded to the plaintiff. The defendants chose not to call their own expert to provide an opinion of the fair value of the shareholder’s interests.

FASB hits ‘pause’ on goodwill project

The big news at the 2022 ASA NY Fair Value Conference last week was that the FASB has dropped its project on goodwill, but it could be revisited in the future.

Bankruptcy court KOs transfers from ‘personal piggy bank’

In a bankruptcy case in Illinois, the three tests for insolvency came into play when a dispute arose as to whether transfers the debtor company made totaling $1.72 million were fraudulent.

Human capital and valuation explored in new paper

Everyone knows the phrase “our people are our most valuable asset,” but just how does human capital generate value for organizations?

A Bird’s-Eye View of Major Intangible Asset Benchmarks

This is an analysis of over 30,000 intangible assets and the types most prevalent in acquisitions, including asset values, royalty rates/profit margins, and useful lives.

BV News and Trends May 2022

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

PPA breakdown for air freight and logistics firms

Goodwill represents 56% of the purchase price in recent transactions in the air freight and logistics industry, reports Valuation Research Corp. (VRC).

Live from Hoboken! ASA’s New York Fair Value Conference June 16

An on-site attendance option is available for this year’s New York Fair Value Conference presented by the American Society of Appraisers.

New Jersey Appellate Court Affirms Valuation of Shopping Mall, Disallows Any Control or Marketability Discounts, Affirms Proper Dissociation by Plaintiffs

This case was a partnership dispute where the defendant partners tried to buy out the plaintiff partners. On appeal before the New Jersey Superior Court Appellate Division, the defendants argued that the plaintiffs’ dissociation was wrongful and damages should be assessed, discounts for lack of control and marketability should be applied to the value, and the partnership value should be reduced to account for partnership outstanding debts and other amounts. The plaintiffs argued that the trial court erred by relying on the defendants’ expert’s report and not their expert’s report, refusing to increase the value by personal loans taken by the defendant partners, and failing to find that the partnership overpaid management and accounting fees. The appellate court affirmed the trial court with one exception, whether the partnership agreement disassociated properly. On that count, the appellate court determined that the disassociation was appropriate.

Robertson v. Hyde Park

This case was a partnership dispute where the defendant partners tried to buy out the plaintiff partners. On appeal before the New Jersey Superior Court Appellate Division, the defendants argued that the plaintiffs’ dissociation was wrongful and damages should be assessed, discounts for lack of control and marketability should be applied to the value, and the partnership value should be reduced to account for partnership outstanding debts and other amounts. The plaintiffs argued that the trial court erred by relying on the defendants’ expert’s report and not their expert’s report, refusing to increase the value by personal loans taken by the defendant partners, and failing to find that the partnership overpaid management and accounting fees. The appellate court affirmed the trial court with one exception, whether the partnership agreement disassociated properly. On that count, the appellate court determined that the disassociation was appropriate.

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.

Houlihan Lokey updates its PPA study

Analysts at Houlihan Lokey have released its 2019 and 2020 Purchase Price Allocation Study, which examines key data points of purchase price allocations (PPAs) recorded by U.S. public registrants.

BV News and Trends March 2022

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

Deloitte replaces pub on impairments and disposals

Deloitte has published A Roadmap to Impairments and Disposals of Long-Lived Assets and Discontinued Operations, which includes its insights into the guidance in ASC 360-101 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations.

No valuation adjustment for alleged acts of oppression

In a Connecticut case, four siblings were partners in a number of restaurant properties and one of the partners (who had a 25% interest) was ousted by the others.

Stone v. Citizens Equity First Credit Union (In re Int’l Supply Co.)

The trustee of International Supply Company (ISCO) asked for avoidance and recovery of prepetition fraudulent transfers made to Citizens Equity First Credit Union. ISCO was insolvent when the transfers were made, and the transfers were for the benefit of the controlling shareholder. The court disallowed two of the fraudulent transfers. Some complaint counts against certain individuals were dismissed without prejudice.

Bankruptcy Court Sides With Trustee—Disallows (Fraudulent) Transfers

The trustee of International Supply Company (ISCO) asked for avoidance and recovery of prepetition fraudulent transfers made to Citizens Equity First Credit Union. ISCO was insolvent when the transfers were made, and the transfers were for the benefit of the controlling shareholder. The court disallowed two of the fraudulent transfers. Some complaint counts against certain individuals were dismissed without prejudice.

BV News and Trends February 2022

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

Global BV News and Trends February 2022

Business valuation news from a global perspective.

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