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BVU News and Trends July 2020

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

Experts Need Not Be ‘Blue-Ribbon Practitioners’ to Meet Rule 702 Qualification Requirement

In bankruptcy dispute, court rejects parties’ Daubert challenge to opposing expert testimony; defense expert did not blindly rely on management projections for capital adequacy and balance sheet tests, and plaintiff’s expert did not use hindsight to find debtor was insolvent on fund transfer dates.

Official Committee of Unsecured Creditors v. Calpers Corp. Partners, LLC

In bankruptcy dispute, court rejects parties’ Daubert challenge to opposing expert testimony; defense expert did not blindly rely on management projections for capital adequacy and balance sheet tests, and plaintiff’s expert did not use hindsight to find debtor was insolvent on fund transfer dates.

Kruse v. Synapse Wireless, Inc.

In appraisal action arising out of controller’s buyout of minority stockholders, court finds there is no reliable market evidence as to target’s fair value on merger date; none of expert valuations are “wholly reliable,” but one expert’s DCF analysis offers a “proportionately reliable conclusion.”

Lacking Any Wholly Reliable Indicators of Fair Value, Court Adopts Respondent's DCF Model

In appraisal action arising out of controller's buyout of minority stockholders, court finds there is no reliable market evidence as to target's fair value on merger date; none of expert valuations are "wholly reliable," but one expert's DCF analysis offers a "proportionately reliable conclusion."

What do auditors expect from business valuation forecasts during COVID-19?

Auditors around the globe will be expecting multiple forecast scenarios in reports from their valuation experts.

BVU News and Trends June 2020

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

Flynn v. Maschmeyer

In buyout following member’s disassociation from company, appellate court affirms trial court’s fair value determination, including decision to exclude from valuation remaining members’ unsubstantiated debt claims and including litigation amount assessed against dissociated member for misconduct.

Court Rejects FMV Appraisal of Dissociated Member’s Interest in Statutory Buyout

In buyout following member’s disassociation from company, appellate court affirms trial court’s fair value determination, including decision to exclude from valuation remaining members’ unsubstantiated debt claims and including litigation amount assessed against dissociated member for misconduct.

Healthcare Valuation Townhall: Four Expert Panel on Covid-19 Impacts and Beyond

Bring your questions as leading experts Jerry Chang, Mark Deitrich, James Lloyd and Todd Sorensen have a conversation about the critical issues impacting healthcare. Covid-19 has impacted the healthcare industry in unique ways, and those valuation experts who practice in this high regulation environment know it is critical to keep up to date about the most pressing issues. Covering a wide range of issues from four perspectives this event delivers the insight you need in ...

North Carolina court looks to deal price for fair value in tobacco merger

The importance of Delaware appraisal jurisprudence beyond state borders was on display in a recent fair value decision out of North Carolina related to a merger involving the tobacco giant Reynolds.

Discounted Cash Flow: Speculative or Convincing

Gary Trugman and Harold Martin will discuss, debate, and dissect the pros and cons of using a discounted cash flow analysis, particularly in times of COVID-19. With questions such as how to handle the unknown future, when and how to use past performance to forecast the future, what to do when management gives you a forecast that you do not believe, and what to do when management is incapable of giving you a forecast at ...

Valuation and Covid-19 Update: BVR Townhall and Q&A

In part two of this town hall-style event, Michelle Gallagher, Gary Trugman, Stacy Collins, and Harold Martin talk through key impacts of COVID-19 on valuation issues. From cost of capital to family law to guideline companies, the impact on the inputs, approaches, and the business we value is profoundly felt. Experts who have weathered financial crises before are doing a yeoman’s job of keeping current with the ever-changing information. Send early questions and comments to ...

Should you consider a special COVID-19 premium?

During a recent webinar, a question came up as to whether or not valuation analysts should be separately identifying a risk rate associated with the impact of COVID-19 on a subject company.

Projection Issues Raised in ESOP Litigation

Revenue growth rate, profit margins, and long-term growth rate can all meaningfully impact projections. Add in inconsistency with historical results, industry/economy impacts, and lack of adjustment for critical things such as compensation or capital expenditures, and it is easy to see how litigation can arise. Chip Brown, Chelsea Mikula, and Kyle Wishing help identify common issues raised in ESOP litigation cases (either by the Department of Labor or private plaintiffs) with respect to financial projections ...

Take advantage of lockdown time to hone your Excel skills for business valuation

BVR’s Excel for Valuation E-Learning Course offers the following.

BVU News and Trends April 2020

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

Global BVU News and Trends April 2020

Business valuation news from a global perspective.

Reynolds American Inc. v. Third Motion Equities Master Fund Ltd.

In appraisal action involving merger of public (tobacco) company, court, guided by key Delaware court decisions, says deal price best reflects fair value and represents upper limit; contemporaneous valuations based on comparable companies, precedent transactions, and DCF support use of deal price.

North Carolina Court Says Deal Price Represents Upper Limit of Tobacco Company’s Fair Value

In appraisal action involving merger of public (tobacco) company, court, guided by key Delaware court decisions, says deal price best reflects fair value and represents upper limit; contemporaneous valuations based on comparable companies, precedent transactions, and DCF support use of deal price.

PwC survey: CFOs become less optimistic about recovery time

“Hopes that the outbreak will dissipate quickly are receding,” according to the PwC COVID-19 CFO Pulse Survey.

Extreme Uncertainty: How Valuation Experts Should Respond to Today’s Volatility and Risk

In this town hall-style event, Michelle Gallagher, Gary Trugman, Stacy Collins, and Harold Martin talk through key impacts of COVID-19 on valuation issues. From cost of capital to family law to guideline companies, the impact on the inputs, approaches, and the business we value is profoundly felt. Experts who have weathered financial crises before are doing a yeoman’s job of keeping current with the ever-changing information. Send early questions and comments to questions@bvresources.com. Invite your ...

BVU News and Trends March 2020

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

New DOL process agreement confronts control issue in ESOP valuations

The Department of Labor recently settled ESOP litigation with the trustee Farmers National Bank of Danville (FNB).

New paper offers improvement to the Gordon growth model

“Capitalization 2.0—Terminal Value Under Changing Capital Structure” is a new paper by Mike Adhikari (Business ValueXpress Software), a valuation and M&A advisor.

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