Power Panel: Live Expert Answers for Today’s Tough BV Questions
What is in store for 2021? While we don’t have a crystal ball, we do have the next best thing. Thought leaders Jay Fishman, Jeff Tarbell, Michelle Gallagher, and Ken Pia are on hand to answer your questions on what is changing, trends within the profession, and thought processes behind tackling tough problems. What’s more, if you send in a video of yourself asking the question, you will get free admission to the session. Use ...
Vinoskey reply brief refutes DOL’s stock value and control claims
Argument continues in the contentious Vinoskey ESOP litigation, which is now in the 4th Circuit where the remaining defendant, Adam Vinoskey, has appealed the district court’s liability and damages findings.
BVU News and Trends December 2020
A monthly roundup of key developments of interest to business valuation experts.
DOL appellate brief pushes back in Vinoskey ESOP litigation
Neither side is letting up in the contentious Vinoskey ESOP litigation that has now moved to the 4th Circuit U.S. Court of Appeals.
ESOPs: good for employees but facing an uncertain future
A recent article in the New York Times extols the virtues of employee ownership through employee stock ownership plans (ESOPs). And trade groups for employee-owned businesses have noted bipartisan Congressional support for ESOPs. But ESOP experts (trustees and appraisers) worry that the Department of Labor’s antagonistic attitude toward ESOP transactions, validated by key victories in court, has stymied ESOP formation.
Take Control of Your Premiums
Join BVR for a first look at the new Control Premium Study platform. In the session we will cover the basics of the control premium study, discuss the enhancements to the platform, and provide a walkthrough of how to best utilize the new platform to retrieve control premiums, minority discounts, and multiples.
ESOPs: good for employees but facing an uncertain future
A recent article in the New York Times extols the virtues of employee ownership through employee stock ownership plans (ESOPs).
Lysengen v. Argent Trust Co.
ESOP plaintiff’s proposed class action against trustee and selling shareholders survives motion to dismiss; court says complaint gave enough facts to support claims of overpayment and breach of fiduciary duty; defendant must show disputed transaction falls into adequate consideration exemption.
BVU News and Trends October 2020
A monthly roundup of key developments of interest to business valuation experts.
ESOP Plaintiff’s Proposed Class Action Alleging Overpayment Survives Motion to Dismiss
ESOP plaintiff’s proposed class action against trustee and selling shareholders survives motion to dismiss; court says complaint gave enough facts to support claims of overpayment and breach of fiduciary duty; defendant must show disputed transaction falls into adequate consideration exemption.
Control Discounts and Premiums - What is Old and What is New
Where do they come from? Do they even exist? Should I fear using them? No, this October event doesn’t delve into the supernatural but rather attempts to demystify the methods and resources available to quantify control discounts and/or premiums. Join Jim Ewart and Jim Alerding to learn what is new, what is old, and what matters. Learn the sources, context, and usefulness of control premiums and discounts, and the best practices for determining what they ...
ASA, supporting Vinoskey ESOP appeal, aims to correct BV ‘misstatements’
The ASA recently filed an amicus brief in support of the Vinoskey appeal, in which it claims the district court, in ruling against the ESOP trustee and the owner and selling shareholder, Adam Vinoskey, made numerous valuation-related misstatements that required correction.
Defendant in Vinoskey ESOP case files appeal with 4th Circuit
In the contentious Vinoskey ESOP case, one of the defendants, the owner and selling shareholder, Adam Vinoskey, recently appealed the district court’s finding that he was liable for knowingly participating in the trustee defendant’s ERISA violations and was a co-fiduciary for the trustee’s breaches of fiduciary duties.
BVU News and Trends September 2020
A monthly roundup of key developments of interest to business valuation experts.
Latest Study Available for the Empirical Method for Determining DLOM
The 2020 Discount for Lack of Marketability (DLOM) Study, recently released by Partnership Profiles, offers objective rate of return measures to implement the Johnson/Park empirical method. This method uses three approaches to measure the increase in return required to compensate investors for the lack of marketability of a subject interest.
RVNB class action alleging breach of fiduciary duty by ESOP trustee hurtles toward final settlement
ESOP litigation watchers can add one more case to the number of actions that recently have been resolved.
BVU News and Trends August 2020
A monthly roundup of key developments of interest to business valuation experts.
Flaws in North Carolina Court’s Appraisal of Reynolds American
The wrong valuation date, a faulty reliance on other cases and the disregard of projections highlight the court’s opinion in a shareholder dissent case involving two tobacco giants.
Plaintiffs in Rainbow ESOP class action ready to settle case
Last week, we reported on the resolution of two major ESOP litigations.
ESOP litigants play by their own valuation rules, speakers say
Imagine if you were playing on a baseball team and the opposing players argue that you are violating the rules of soccer.
Appeal in Lee ESOP case dismissed; ESOP class action also close to resolution
The last few weeks have seen the end of two ESOP litigations that have drawn a lot of attention from the ESOP community.
Pandemic, ESOP Woes, Fair Value, Crypto, and Fraud at NYSSCPA Conference
The 2020 conference season is underway, and Business Valuation Update was on the scene—virtually, of course—for the New York State Society of CPAs Business Valuation/Litigation Services Conference webcast live from New York City May 18.
BVU News and Trends July 2020
A monthly roundup of key developments of interest to business valuation experts.
New version of ‘Stout Restricted Stock Study Companion Guide’ now available
The most widely used restricted stock transaction database for providing empirical support for a discount for lack of marketability (DLOM) is the Stout Restricted Stock Study (formerly FMV Opinions).
How much less is a minority share worth now?
HMRC changes have increased the difficulty of providing support for rates of return for illiquid and difficult-to-market minority shares.