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Tomorrow! Live stream of ASA fair value event

BVWire will be in Los Angeles tomorrow, May 10, at the ASA/USC 13th Annual Fair Value Conference.

Time to rethink the control premium

When you use the guideline public company method, do you always apply a control premium?

Earnouts and the Monte Carlo Method: Practice Tips for Implementation

Practice tips to use when implementing a Monte Carlo method (MCM) analysis to value earnout rights or obligations, plus a brief overview of earnout provisions and the MCM.

Work File Checklist for Operating Rights

Documentation requirements for determining the fair value of certain intangible assets deemed to be operating rights, such as government licenses and commercial franchises. This is based on the Mandatory Performance Framework (MPF) for the Certified in Entity and Intangibles (CEIV) credential.

BVU News and Trends May 2018

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

In Share Redemption Case, Bylaws Militate Against Book-Value Valuation

In share redemption dispute pivoting on missing shareholder agreement, high court finds corporate bylaws show trial court’s use of book value to value separating member’s stock was error but plaintiff failed to show right to fair value determination as a matter of law; court remands.

Lynd v. Marshall County Pediatrics, P.C.

In share redemption dispute pivoting on missing shareholder agreement, high court finds corporate bylaws show trial court’s use of book value to value separating member’s stock was error but plaintiff failed to show right to fair value determination as a matter of law; court remands.

Appraisal rights in the U.S. and EU

In the U.S., there has been a surge of appraisal petitions and appraisal arbitrage, but this is not the case in the EU, according to a paper by Alexandros Seretakis (Trinity College, Dublin).

Video invite to ASA FV event

In a YouTube video, Ray Rath (Globalview Advisors) gives 10 reasons why you should attend the ASA/USC 13th Annual Fair Value Conference in Los Angeles on May 10.

Briefing examines recent appraisal decisions

Since the Delaware Supreme Court issued its landmark Dell appraisal decision (see prior coverage), the Delaware courts have issued three appraisal decisions—Aruba, AOL, and SWS—which, unlike Dell, assigned no weight to the deal price in setting fair value below the deal price.

New York’s high court OKs minority discount in wrongful dissolution context

New York’s highest court recently weighed in on a long and ugly partnership dispute in which a minority shareholder had unilaterally dissolved the partnership.

New paper examines statutory rights of appraisal in Delaware

“The Anna Karenina principle is alive and well in the Delaware courts,” according to a paper that explores statutory rights of appraisal and the search for the sometimes “elusive” concept of fair value.

ASA Fair Value Conference to be webcast

BVR is pleased to partner with the American Society of Appraisers (ASA) and the University of Southern California to present a live webcast of the 13th Annual Fair Value Conference at KPMG in Los Angeles on May 10.

Work File Checklist for Identified Assets and Liabilities

Documentation requirements based on the Mandatory Performance Framework (MPF) for the Certified in Entity and Intangibles (CEIV) credential.

Ohio Appeals Court Approves Use of Fair Value Standard in Valuing Farm Entities

Appeals court upholds valuation of minority interest in farm entities based on fair value standard of value; court notes prevailing expert specifically referenced buy-sell agreements that did not contemplate use of discounts in valuing exiting member’s partial interest.

Tate v. Tate

Appeals court upholds valuation of minority interest in farm entities based on fair value standard of value; court notes prevailing expert specifically referenced buy-sell agreements that did not contemplate use of discounts in valuing exiting member’s partial interest.

Problematic process causes Chancery to use DCF as fair value indicator

The discounted cash flow analysis is not dead yet in the Delaware Court of Chancery.

Letter to the Editor: Improving Our Work Product (and Professional Image) … One Review at a Time

A letter to the editor from Clint Cronkite (Cronkite & Kissell LLC). Business valuation professionals are expected to provide unbiased professional analyses, opinions, and conclusions but also be supportive of our client’s goals—a schism that has led to skepticism about the neutrality and quality of our work product.

Re: Comments Concerning S Corp Tax-Affecting Article

Comments on the response from James Alerding to an article on tax affecting S corps, which appeared in the December 2017 edition of Business Valuation Update titled “Tax Affecting S Corporations: It’s Not a Matter of Whether. It’s a Matter of When.”

Cristofano v. Chahal

In fair value dispute, court credits defense expert analysis based on capitalized economic income method and working with company’s historical earnings and growth rates; analysis properly accounts for particular facts of the case, including expiration of lucrative client contract.

Court Favors Fair Value Analysis Based on Historical Data and Case Facts

In fair value dispute, court credits defense expert analysis based on capitalized economic income method and working with company’s historical earnings and growth rates; analysis properly accounts for particular facts of the case, including expiration of lucrative client contract.

CEIV quality control being finalized

The American Society of Appraisers (ASA) says that “important steps” have been taken to finalize the quality monitoring (QM) requirements for the Certified in Entity and Intangible Valuations (CEIV) credential.

Court of Chancery exalts stock price as most accurate indicator of fair value

The Delaware Court of Chancery recently had an opportunity to put into practice the directives the state’s high court had issued in DFC Global and Dell in terms of calculating fair value in a statutory appraisal proceeding.

Zyla Gives Update on Fair Value Developments

We attended the Southeast Chapter of Business Appraisers (SECBA) conference in Atlanta last month where Mark Zyla (Acuitas) talked about how the area of fair value is serving as a focal point for the profession to unify itself.

Work File Checklist for Selecting Guideline Comps

Documentation requirements based on the Mandatory Performance Framework (MPF) for the Certified in Entity and Intangibles (CEIV) credential.

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