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Willamette’s autumn 2020 Insights focuses on transaction services

Transaction-related board advisory services are the focus of the spring 2020 Insights from Willamette Management Associates.

Excelling in Litigation and Dispute-Related Valuations: How to Not Get Caught Bringing a Knife to a Gunfight

Preparing a valuation analysis can be difficult enough, let alone defending it against an opposing party questioning your every move. It is important for valuation experts to know how their valuations may be challenged by other experts and work to effectively address these issues pre-emptively. Presenters Sean Saari and Bob Ranallo discuss how to prepare yourself, and your valuation report, when you know your work will be subject to review and critique in a litigation ...

Journal of Business Valuation 2016 Edition

From the CBV Institute ...

The effect of shareholder lawsuits on cost of equity

A firm may see adjustments to its cost of equity capital either at the time a shareholder lawsuit is filed or when the outcome of the lawsuit is determined—or both—says a new paper by William J. Moser (Miami University).

2017’s Top Business Valuation and Damages Cases

BVLaw’s selection of the most educational cases of 2017.

Trial Court’s Stock Valuation Contravenes Agreement’s Buyout Provisions

In shareholder dispute over minority owner’s stock buyout, appeals court finds trial court’s sole reliance on five-year-old valuation and its rejection of appraiser’s recent valuation violates parties’ shareholder agreement and requires revaluation.

R. Kashmiry & Assocs. v. Ellis

In shareholder dispute over minority owner’s stock buyout, appeals court finds trial court’s sole reliance on five-year-old valuation and its rejection of appraiser’s recent valuation violates parties’ shareholder agreement and requires revaluation.

Trial court’s IPO valuation in fair value proceeding holds up on appeal

A recent case shows just how difficult it is to value a startup. Here, there was an extra challenge because the subject was a pharmaceutical venture that required years of funding for the development of two drugs working toward FDA approval. The trial court needed to determine the fair value of the plaintiff’s interest prior to the company’s ultimate success.

Ambiguous expert report prompts order to revalue minority interest

A recent Wisconsin case illustrates that a shareholder agreement in place is no guarantee for a smooth buyout of the minority shareholder. The case also includes a caution to experts to strive for clarity in their expert reports.

BV profession needs "one clear voice" in New York DLOM matter

A prior post that highlighted the article “NY’s Unfair Application of Shareholder-Level Marketability Discounts,” written by Gil Matthews and Michelle Patterson (both with Sutter Securities) has sparked calls for the BV profession to speak with “one clear voice” on this issue.

Analysts Not Required to Predict the Future—Only to Probe Present Facts

In assessing fair value and adequate consideration of ESOP transaction, court considers whether appraiser should have reasonable foreseen future events affecting stock and company value.

Appropriateness of Accounting Principles and Valuation Must Go to Trial

One of the issues in this shareholder dispute was whether stock was correctly valued pursuant to a stock purchase agreement.

Keach v. U.S. Trust Co.

In assessing fair value and adequate consideration of ESOP transaction, Court considers whether appraiser should have reasonable foreseen future events effecting stock and company value.

K-O Enterprises, Inc. v. O'Brien

One of the issues in this shareholder dispute was whether stock was correctly valued pursuant to a stock purchase agreement.

Change in Policy Breaches Good Faith Even If It Does Not Violate GAAP

The issue in this case was the admittance of evidence concerning the company’s book value.

In re Emerging Communications, Inc. Shareholders Litigation

The court in this case placed a fair value of $38.05 per share on the stock of a company which was acquired in a two-step going private transaction at $10.25 per share based on a fairness opinion.

Management Projections and Cost of Capital Considered

The Delaware Court of Chancery considered the use of management projections and the use of WACC and CAPM in computing the cost of capital.

Eggett v. Wasatch Energy Corporation

Issue was whether former officer and stockholder was entitled to book value or par value under the parties' shareholder agreement.

Parties Held to GAAP Valuation Methodology Under Buy-Sell Agreement

An employee sued his former employer, claiming it breached the implied covenant of good faith and fair dealing.

Coyle v. Schwartz

"Mutual Agreement" valuation method upheld as valid, partner required to accept 12-year old value for shares under stock purchase agreement because they never revalued them.

Stock Valuation Provision Calling for Annual Revaluation Enforced

The Kentucky Court of Appeals held that a mutual agreement stock valuation provision, which called for the annual revaluation of the stock, was enforceable, despite the fact that the stock had not been revalued since the agreement was executed.

Berne v. Boschulte

Defendants challenge valuation after they have signed unanimous consent for it. Judgment entered they violated settlement agreement from a prior action.

Smith v. Grand Canyon Expeditions Company

Appellant argues that net book value arrived at by Grand Canyon too low despite buy-sell agreement specifying net book value as accepted valuation method.

Shareholder Agreement Using Par Value Enforced

Timothy Strickland was a former employee and shareholder of CADD Centers of Florida Inc.

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