Valuation & Litigation Briefing / Litigation & Valuation Report
Showing 113–128 of 385 results
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Warning: Expert admissibility standards may vary
March / April 2019
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 424
Abstract: In federal court, the admissibility of expert testimony is governed by the strict Daubert standard. Courts in most states have also adopted the Daubert standard, but others may apply the less stringent Frye standard. This article compares these standards, and explains why it’s important to look beyond state law to determine which standard applies in a particular case. Daubert v. Merrell Dow Pharmaceuticals, Inc., 113 U.S. 2786, 1993 Frye v. United States, D.C. Cir., 293 F. 1013, 1923 Kumho Tire Co. v. Carmichael, 526 U.S. 137, 1999 Delisle v. Crane, No. SC16-2182, October 15, 2018
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How to calculate terminal value
March / April 2019
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 533
Abstract: When using the discounted cash flow method to value a business, a large chunk of the value is contained in the “terminal” value. This article discusses ways business valuation experts estimate terminal value and the importance of using reasonable assumptions about long-term growth.
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Buyer beware – Hire a business valuation pro to help with due diligence
March / April 2019
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 709
Abstract: The U.S. merger and acquisition (M&A) market hit a record high in 2018. That momentum is expected to continue in 2019. But, before you get swept away in the hype, it’s important to do your homework. This article explains the importance of conducting thorough due diligence and preparing detailed financial projections before you close on a deal.
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Verition Partners Master Fund Ltd. v. Aruba Networks, Inc. – Court turns to stock price as best evidence of fair value
March / April 2019
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 853
Abstract: In recent years, Delaware’s Supreme Court has shown its preference, under the right circumstances, for market-based indicators of value in statutory appraisal cases. This article summarizes a recent dissenting shareholders case in which the court concluded that the best evidence of fair value was the target company’s unaffected stock price. Conversely, a sidebar highlights another case in which the court relied on an expert’s discounted cash flow analysis in the absence of reliable market-based indicators of value. Verition Partners Master Fund Ltd. v. Aruba Networks, Inc., Delaware Ch., C.A. No. 11448-VCL, February 15, 2018 Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd, Del., 177 A.3d 1, 2017 Blueblade Capital Opportunities LLC v. Norcraft Companies, Inc., Delaware Ch., C.A. No. 11184-VCS, July 27, 2018
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A picture’s worth a thousand words – Why valuation experts use visual aids
January / February 2019
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 415
Abstract: Valuation experts often use visual aids, such as graphs and charts, to capture the attention of a judge or jury and drive home key points. This article highlights the benefits of using visual aids during trial and deposition, and provides examples of situations in which visual aids might be used to reinforce an expert’s conclusions.
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Market approach – How to pick a relevant pricing multiple
January / February 2019
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 579
Abstract: Courts tend to prefer the market approach in business valuation, because it’s based on real-world “comparable” transactions. This article identifies different pricing multiples that may be used in the market approach and explains when each one tends to work best. Statistical tools can help business valuation experts evaluate which multiples are most relevant based on market evidence.
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Dissenting shareholders: What’s the fair value of the interest?
January / February 2019
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 654
Abstract: The Tennessee Supreme Court recently turned to case law from Delaware to decide on the appropriate method to value shares in appraisal rights actions. This article explains how the Delaware Block method works and why the state supreme court decided to allow “any technique or method that’s generally acceptable in the financial community and admissible in court.” Athlon Sports Communications v. Stephen Duggan, et al., No. M2015-02222-SC-R11-CV, June 8, 2018 Weinberger v. UOP, Inc., 457 A.2d 701, 712-13, Del. 1983
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Differentiating active vs. passive appreciation in divorce
January / February 2019
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 858
Abstract: The laws in most states make a distinction between marital and separate property for purposes of marital dissolution. In cases where property increases in value during the marriage, experts may be hired to determine whether that appreciation is passive or active. This article explains the difference between these terms and why it matters when divvying up a marital estate in divorce. A sidebar highlights the need to take a holistic approach when differentiating between the active and passive appreciation when valuing a business. Bair v. Bair, 214 So. 3d 750 (Fla. 2nd DCA 2017)
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Tax law change draws attention to owners’ compensation
November / December 2018
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 456
Abstract: Historically, the issue of reasonable owners’ compensation has arisen in a variety of business valuation and tax contexts. Now, under the Tax Cuts and Jobs Act, reasonable compensation issues may come into play when pass-through entities take the new deduction for qualified business income (QBI). This article explains various scenarios where the issue of reasonable compensation is relevant and how financial experts can help a business quantify and support what’s reasonable.
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Mifflinburg Telegraph, Inc. v. Criswell – Which is appropriate: Lost profits or lost business value?
November / December 2018
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 690
Abstract: A federal court recently awarded damages for various business torts committed against a print shop by two former employees and the competing business they started. This article summarizes how the court decided whether lost profits or lost business value was the appropriate measure of damages — and then it awarded damages based on a controversial assumption. Mifflinburg Telegraph, Inc. v. Criswell, No. 4:14-CV-0612 (U.S. Dist. Ct. M.D. Pa., Sept. 7, 2017)
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5 steps to calculate lost future earnings
November / December 2018
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 613
Abstract: From personal injury to wrongful termination, there are many reasons an individual might seek to recover lost earnings — the difference between the earnings the plaintiff would likely have enjoyed but for the defendant’s wrongful act, and the plaintiff’s actual expected earnings. This article outlines five steps required to calculate lost future earnings.
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Consider tax reform when valuing pass-through entities
November / December 2018
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 822
Abstract: It’s critical to understand the new deduction for qualified business income (also known as the Section 199A deduction) when valuing pass-through entities. This article explains the history of the tax-affecting debate, the mechanics of the new deduction and how recent tax law changes may impact the value of pass-through entities. A sidebar identifies specified service businesses that may be ineligible for the qualified business income (QBI) deduction at higher income levels.
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Beyond cryptocurrency – Blockchain could revolutionize the legal industry
September / October 2018
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 434
Abstract: Blockchain is best known as the digital technology behind bitcoin. But its potential uses in the legal, business and financial worlds go well beyond virtual currencies. This article defines “blockchain” and provides examples of how it may be used in the legal industry in the future.
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Will your expert pass the Daubert test?
September / October 2018
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 618
Abstract: A financial expert may be disqualified from testifying if his or her methods aren’t reliable and proven. This article explains the questions that are asked in a Daubert challenge, how the process works and potential pitfalls to avoid. Daubert v. Merrell Dow Pharmaceuticals Inc., 113 S.Ct. 2786, June 28, 1993
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D. Allen Hornberger v. Dave Gutelius Excavating, Inc. – Owners dispute buyout provision of shareholders’ agreement
September / October 2018
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 590
Abstract: A recent case involving a shareholder buyout illustrates the importance of drafting shareholders’ agreements with precision. This article explains why the Superior Court of Pennsylvania upheld a trial court decision to allow valuation discounts for lack of control and marketability, even though they weren’t explicitly mentioned in the shareholders’ agreement. D. Allen Hornberger v. Dave Gutelius Excavating, Inc., No. 103 MDA 2017, Pa. Sup. Ct,. December 15, 2017
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Fight fraud with active detection methods
September / October 2018
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 833
Abstract: The Association of Certified Fraud Examiners (ACFE) recently released its Report to the Nations: 2018 Global Study on Occupational Fraud and Abuse. This article highlights key findings from this biennial report, including the importance of implementing active antifraud controls, rather than relying on passive methods of detection. A sidebar identifies six behavioral red flags of occupational fraud to watch out for.