Court Says ‘Fair Value’ Under State Shareholder Oppression Law Precludes Discounts
In shareholder oppression suit, court clarifies meaning of “fair value” under applicable statutory framework; court cautions not to conflate “fair value” with “fair market value”; in drafting statute, state legislature explicitly and implicitly conveys its rejection of discounting, court says.
Kolwe v. Civil and Structural Engineers, Inc.
In shareholder oppression suit, court clarifies meaning of “fair value” under applicable statutory framework; court cautions not to conflate “fair value” with “fair market value”; in drafting statute, state legislature explicitly and implicitly conveys its rejection of discounting, court says.
Farrell v. Farrell (II)
Appeals court says trial court erred in allowing husband to pay substantial portion of wife’s share in marital property over multi-year period; trial court must order immediate equal division of stock in family businesses.
Unclear Valuation of Family Business Interests Requires Remand
Appellate court remands for trial court’s express valuation of husband’s business interests and for explanation of its unequal distribution, awarding all of the business interests to husband.
Farrell v. Farrell (I)
Appellate court remands for trial court’s express valuation of husband’s business interests and for explanation of its unequal distribution, awarding all of the business interests to husband.
In re Marriage of Price and Turkanis
Court approves use of comparable sales data in valuing high-tech startup company, even though comparable transactions took place within one year after the valuation date.
Subsequent Events: Dealing With the Unknown and Unforeseeable
Events subsequent to the valuation date are seldom known, knowable, or foreseeable—particularly recently. As appraisers continue to sift through the fallout of recent economic turmoil, the consideration of subsequent events is becoming ever more important when proving and defending a sound conclusion of value. In Subsequent Events: Dealing With the Unknown and Unforeseeable, two of the valuation communities best minds, Jay Fishman and Chris Mercer, will join one of the best in tax litigation, Chuck Rettig ...
Subsequent Events
The experts discuss standards for managing subsequent events, judicial precedents and guideline cases, the practicality of solutions to subsequent event problems, and the dangers of "known, knowable, and foreseeable." This is a must for any appraiser whose valuation report or testimony could be skewed by events after the fact.
Consideration of Post-Dissolution Events Improper
The issue in this post-dissolution matter was whether the court erred in re-evaluating the original valuation of the husband’s business.
Pattinson v. Pattinson (II)
Issue in this post-dissolution matter was whether the court erred in re-evaluating the original valuation of the husband’s business.
Matching public stock prices to time of financial release
My partner, Butch Williams, and I read with interest your Editors Column comments on subsequent events. We also wrestle with the issue of using financial statements from public companies tha ...
CapX = depreciation is unrealistic assumption for most terminal values; Frequent error causes overvaluation
This article calls attention to a very common error made by valuation analysts. In a growing company, capital expenditures logically should exceed depreciation in most instances. Yet, many analysts as ...
Should subsequent events be considered in the present value of a business entity?
One of the questions I'm frequently asked is "What are the rules relating to proper inclusion or exclusion of consideration or subsequent events?" Two categories of subsequent events There are ...