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BVU News and Trends June 2020

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

IRS update on how to file carryback refund applications

In a recent ABA webinar including IRS representatives, new practical information related to the carryback provisions in the recently passed CARES Act emerged.

IRS discusses tax implications of COVID-19 legislation

In an excellent ABA webinar that summarized and analyzed the COVID-19-related legislation Congress passed to alleviate the economic harm on businesses and persons, IRS Chief Counsel Michael Desmond spoke to some of the efforts the agency is making to achieve implementation.

Proxy Disclosed Sufficient Valuation Data to Allow Informed Vote on Merger

Chancery says proxy gave disinterested shareholders sufficient information about valuation analysis underlying financial advisor’s fairness opinion to enable informed vote, and it dismisses breach-of-fiduciary-duty claims under business judgment rule.

Tennessee dissenters claim Delaware block method is passé

The use of the Delaware block method in Tennessee recently came under attack in a case involving a closely held Nashville, Tenn.-based media company whose controlling shareholders had pursued a squeeze-out merger and later asked the trial court for a judicial appraisal of the dissenting shareholders' interest.

Proxy Disclosed Sufficient Valuation Data to Allow Informed Vote on Merger

Chancery says proxy gave disinterested shareholders sufficient information about valuation analysis underlying financial advisor’s fairness opinion to enable informed vote, and it dismisses breach-of-fiduciary-duty claims under business judgment rule.

In re Merge Healthcare Inc. Stockholders Litigation

Chancery says proxy gave disinterested shareholders sufficient information about valuation analysis underlying financial advisor’s fairness opinion to enable informed vote, and it dismisses breach-of-fiduciary-duty claims under business judgment rule.

Breach of Noncompete Means Damages for ‘Loss Sustained’ and Lost Profits

In breach of noncompete case, appeals court finds measure of damages is not limited to net loss; statute allows damages “for the loss sustained” in addition to lost profits, and trial court properly credited and adjusted expert’s typical damages models.

Pattridge v. Starks

In breach of noncompete case, appeals court finds measure of damages is not limited to net loss; statute allows damages “for the loss sustained” in addition to lost profits, and trial court properly credited and adjusted expert’s typical damages models.

Court Bristles at Experts’ Hasty Valuation of Debtor

Bankruptcy court denies shareholders’ renewed request for an equity committee, finding neither the debtor nor its creditors are hiding value in their calculation of the total equity value of less than $500 million; expert testimony as to the allegedly und ...

In re Eastman Kodak Company

Bankruptcy court denies shareholders’ renewed request for an equity committee, finding neither the debtor nor its creditors are hiding value in their calculation of the total equity value of less than $500 million; expert testimony as to the allegedly und ...

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