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American Business Appraisers and BVR Annual Key Issues Update

Every year American Business Appraisers brings together experts from across the country for a frank and practical discussion of the issues impacting business valuation. This year, everyone is invited to four great sessions. Get a current update on the SBA Paycheck Protection Program and the forgiveness application. Adam Rosenfield gives an overview of what the most recent changes to the program are and how that affects clients/future clients. Get guidance on how the loan and ...

The Balance Sheet and its Correlation to Company Specific Risk

The pandemic is teaching us that businesses, small and large, and their balance sheets are important not just from handling a pandemic, but also from sustaining operations. Understanding assets, and which matter, will help analysts determine the specific company risks. Expert Josh Shilts discusses which categories are important in understanding risk and what ratios and other analyses can be used to measure risk. Identifying and linking balance sheet financials to company-specific risk is a critical ...

Magarik v Kraus

In buyout dispute, court rejects departing shareholder’s valuation based on income and market approach, where DCF model relied on company projections used for a bank loan that were never realized and, based on evidence, were “not accurate”; court says market approach used “incorrect comparables.”

Court Discredits Valuation Based on Unrealistic Projections and Incorrect Comparables

In buyout dispute, court rejects departing shareholder’s valuation based on income and market approach, where DCF model relied on company projections used for a bank loan that were never realized and, based on evidence, were “not accurate”; court says market approach used “incorrect comparables.”

Attack on DOL’s ability to seek monetary damages in Vinoskey ESOP case fails

In the contentious Vinoskey ESOP case, the trustee recently asked for a new trial, arguing the Secretary of Labor, representing the plaintiff, lacked the statutory authority to seek monetary damages on behalf of the ESOP and the court lacked the authority to hear this claim.

BVU News and Trends October 2019

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

BVU News and Trends August 2019

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

Court whittles down damages in Vinoskey ESOP case

The trial court recently unequivocally sided with the Department of Labor in its liability findings against the defendants in the Vinoskey ESOP case, but the court made adjustments to the DOL’s damages calculation that reduced the liability to the defendants considerably.

Expert comments on Vinoskey ESOP ruling

ESOP appraisers are questioning the technical aspects of the Vinoskey and Brundle rulings and asking what the recent rulings may mean for the future of employee ownership plans.

Strong win for DOL in Vinoskey ESOP trial

Difficult times for the ESOP community.

DOL Prevails on All Claims Against ESOP Trustee and Owner/Seller

Trial court finds ESOP trustee liable for causing plan to overpay for company stock; trustee failed to adequately respond to red flags in ESOP appraisal and did not act solely in the interest of ESOP, court says; owner is liable for accepting price he knew to be above stock’s fair market value.

Pizzella v. Vinoskey (I)

Trial court finds ESOP trustee liable for causing plan to overpay for company stock; trustee failed to adequately respond to red flags in ESOP appraisal and did not act solely in the interest of ESOP, court says; owner is liable for accepting price he knew to be above stock’s fair market value.

BVU News and Trends July 2019

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

Willamette gives insights into shareholder litigation

The Spring 2019 Insights from Willamette Management Associates focuses on shareholder litigation and is edited by Kevin M. Zanni.

BVU News and Trends November 2018

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

Working capital disputes in M&A transactions

In 2016 and 2017, over 80% of purchase price adjustments in M&A transactions involved working capital adjustments, according to “SRS Acquiom’s 2018 Deal Term Study.”

In re AOL Inc.

In statutory appraisal, court finds sales process was not “Dell compliant” and declines to assign any weight to deal price; court agrees with parties’ experts that DCF best captures fair value on valuation date and arrives at final value below deal price.

Chancery Relies on DCF Where Deal Process Is Not ‘Dell Compliant’

In statutory appraisal, court finds sales process was not “Dell compliant” and declines to assign any weight to deal price; court agrees with parties’ experts that DCF best captures fair value on valuation date and arrives at final value below deal price.

High Court Finds Chancery’s Weighting of Values Unexplained and Inexplicable

State Supreme Court declines to create presumption for appraisal actions that deal price is best indicator of value when merger was arm’s-length transaction, but court finds Chancery’s valuation approach lacked support in record and requires revaluation.

Chancery’s DCF Upends Appraisal Arbitrage Strategy

In statutory appraisal, Chancery relies solely on DCF analysis, noting the instant case involving a bank holding company raises a unique situation in terms of management projections and whether and how to account for creation of excess regulatory capital.

High Court Finds Chancery’s Weighting of Values Unexplained and Inexplicable

State Supreme Court declines to create presumption for appraisal actions that deal price is best indicator of value when merger was arm’s-length transaction, but court finds Chancery’s valuation approach lacked support in record and requires revaluation.

DFC Global Corp. v. Muirfield Value Partners, L.P. (II)

State Supreme Court declines to create presumption for appraisal actions that deal price is best indicator of value when merger was arm’s-length transaction, but court finds Chancery’s valuation approach lacked support in record and requires revaluation.

In re Appraisal of SWS Group, Inc.

In statutory appraisal, Chancery relies solely on DCF analysis, noting the instant case involving a bank holding company raises a unique situation in terms of management projections and whether and how to account for creation of excess regulatory capital.

Chancery’s DCF Upends Appraisal Arbitrage Strategy

In statutory appraisal, Chancery relies solely on DCF analysis, noting the instant case involving a bank holding company raises a unique situation in terms of management projections and whether and how to account for creation of excess regulatory capital.

Court Deems Treatment of S Corp Undistributed Income ‘Problematic’

Court rejects expert’s “excess working capital” analysis to determine income for child support purposes saying it conflicts with state statute’s requirement to rely on historical practices when assessing legitimacy of undistributed earnings of an S corp.

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