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Financial Triage: Five One-Page Tools for Appraisers That Add Value During Transition Or Crisis

There are five simple, but powerful tools, financial experts can use to help their clients manage precious cash, increase diminished revenues, and concentrate people resources during business crises. The tools, i.e. RCF, DRC, CCO, BPM, and SMM and have been deployed for nearly two decades in businesses throughout North America ranging from sole proprietorships to Fortune 500 companies. They are ideally suited to businesses needing immediate cash and revenue enhancement supplemented by sustainable actions. Join ...

Accounting Issues to Consider When Valuing Construction Firms

Commercial and residential construction contractors use special methods of accounting that, if misunderstood by valuation analysts, can significantly impact a conclusion of value. This is a discussion of the main accounting issues for these firms.

Tennessee embraces ‘modern’ valuation methods in fair value determination

In a key valuation decision, the Tennessee Supreme Court recently overruled precedent on how to determine fair value in a dissenting shareholder suit.

Athlon Sports Communications, Inc. v. Duggan (II)

Court overrules precedent requiring exclusive use of Delaware block method to determine fair value in dissenting shareholder cases; trial courts may use other, more “modern” methods, including forward-looking DCF analysis, state high court says and remands for reevaluation of earlier ruling.

Delaware Block Method No Longer Mandatory in Tennessee Fair Value Proceedings

Court overrules precedent requiring exclusive use of Delaware block method to determine fair value in dissenting shareholder cases; trial courts may use other, more “modern” methods, including forward-looking DCF analysis, state high court says and remands for reevaluation of earlier ruling.

Financial Advisor’s Fairness Opinion Not Materially Misleading

Court rejects dissenting shareholder’s proxy challenge, finding board member statements about management projections are protected under applicable act’s safe harbor provision; also, court says financial advisor’s fairness opinion did not double count for risk in underlying DCF analysis.

City of Hialeah Emples. Ret. Sys. v. FEI Co.

Court rejects dissenting shareholder’s proxy challenge, finding board member statements about management projections are protected under applicable act’s safe harbor provision; also, court says financial advisor’s fairness opinion did not double count for risk in underlying DCF analysis.

Tennessee Sticks With Delaware Block Method in Judicial Appraisals

Appeals court says trial court followed applicable law when it used Delaware block method to determine fair value of dissenting shareholders’ interests; court declines to change law on valuation, saying reversal must come from state Supreme Court.

Persuasive’ Defense Expert Testimony Defeats ESOP Overpayment Claims

Court says defense expert opinion provides “credible and persuasive” support for court’s conclusion that ESOP financial advisor produced sound fairness and valuation opinions prior to contested transaction; there was no overpayment for stock at issue.

Tennessee Sticks With Delaware Block Method in Judicial Appraisals

Appeals court says trial court followed applicable law when it used Delaware block method to determine fair value of dissenting shareholders’ interests; court declines to change law on valuation, saying reversal must come from state Supreme Court.

Athlon Sports Communications, Inc. v. Duggan (I)

Appeals court says trial court followed applicable law when it used Delaware block method to determine fair value of dissenting shareholders’ interests; court declines to change law on valuation, saying reversal must come from state Supreme Court.

Persuasive’ Defense Expert Testimony Defeats ESOP Overpayment Claims

Court says defense expert opinion provides “credible and persuasive” support for court’s conclusion that ESOP financial advisor produced sound fairness and valuation opinions prior to contested transaction; there was no overpayment for stock at issue.

Fish v. GreatBanc Trust Co.

Court says defense expert opinion provides “credible and persuasive” support for court’s conclusion that ESOP financial advisor produced sound fairness and valuation opinions prior to contested transaction; there was no overpayment for stock at issue.

Chancery Rejects Deal Price Based on Unquantifiable ‘Sales Process Mispricing’

For statutory appraisal, Chancery says sales process related to management buyout “functioned imperfectly as a price discovery tool” and gives no weight to final merger price; court relies exclusively on DCF analysis to derive fair value of the company.

In re Appraisal of Dell Inc.

For statutory appraisal, Chancery says sales process related to management buyout “functioned imperfectly as a price discovery tool” and gives no weight to final merger price; court relies exclusively on DCF analysis to derive fair value of the company.

Court Relies on DCF to Derive Value of ‘Sui Generis’ Company

NY court rejects comparable analyses to value “truly incomparable” beverage company and relies solely on DCF; court says the fact that expressions of interest to buy the company never became bona fide offers indicates liquidity risk and supports 25% DLOM.

Ferolito v. AriZona Beverages USA LLC

NY court rejects comparable analyses to value “truly incomparable” beverage company and relies solely on DCF; court says the fact that expressions of interest to buy the company never became bona fide offers indicates liquidity risk and supports 25% DLOM.

Forecast’s Assumption Imperils Conjoined Expert Opinions

In breach of contract suit, court strikes expert’s revenue forecasts, using Monte Carlo simulation, finding key assumption resulted from expert’s misreading of contract; court also strikes second expert’s valuation resting on inadmissible forecasts.

Myservice Force v. Am. Home Shield

In breach of contract suit, court strikes expert’s revenue forecasts, using Monte Carlo simulation, finding key assumption resulted from expert’s misreading of contract; court also strikes second expert’s valuation resting on inadmissible forecasts.

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