Valuation/Lit. sup./Fraud/M&A
Showing 1281–1296 of 1569 results
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Guidance issued on valuation of partial interests
May / June 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 524
Abstract: After a six-year development period, the American Society of Appraisers (ASA) recently added a new procedural guideline to its Business Valuation Standards: PG-2 — Valuation of Partial Ownership Interests. Although not a binding standard, PG-2 offers valuable guidance to ASA members and other business valuators on this difficult and often controversial subject. This article looks at some of the highlights.
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Lucent sheds light on patent infringement damages
May / June 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 497
Abstract: Courts are generally loath to disturb a jury’s verdict on damages. But an appeals court threw out a $350 million patent infringement award that wasn’t supported by substantial evidence. This case illustrates the need for detailed expert testimony, which will establish credible evidentiary facts and conclusions and, thus, support a claim for patent infringement damages.
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What’s behind the veil? — Digging for the truth in alter-ego cases
May / June 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 740
Abstract: When a plaintiff can’t collect a judgment from a corporation and seeks to obtain it from the corporation’s owners, it may try to show that the corporation and its shareholders lack separate identities — that is, the corporation is the owners’ alter ego. Key factors in determining an alter-ego relationship include not only this lack of separateness, but also financial dependence of the corporation upon its shareholders or parent, and undue influence upon a corporation.
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Struggling economy presents business valuation challenges
May / June 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 1046
Abstract: In bad times, appraisers may face a disconnect between the income and market approaches, creating a wide gap between valuations. The challenge becomes reconciling these differences. This article explains how to approach valuation for both profitable and distressed companies, and notes that the purpose of a business valuation can have a big impact on the valuation methods that are used. A sidebar looks at one case in which a court rejected the uses of the discounted cash flow method by both the creditors’ and the debtors’ experts.
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Don’t let line-of-credit schemes defraud your client
May / June 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 615
Abstract: Hard economic times typically lead to more “creative” fraud schemes. One that gets little attention, but potentially is extremely damaging, involves a company’s line of credit (LOC) with lenders. Employees who are closely involved in arranging for LOCs or are calculating periodic receivable availability reports are most likely to commit this complicated type of fraud. But forensic experts have several methods at their disposal to detect complicated LOC schemes.
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Valuation expertise is critical when a company is liquidating
May / June 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 612
Abstract: Both financially distressed businesses and buyers considering acquiring a company in bankruptcy require the expertise of an experienced valuator. These experts can help owners make informed decisions about their troubled company’s future and maximize liquidation proceeds. And, as this article explains, valuators can provide buyers with accurate appraisals of bankrupt businesses and their assets.
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Is your appraiser vulnerable to attack?
May / June 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 523
Abstract: Attorneys who rely on professional appraisers should know about some revisions made by the Appraisal Foundation to its 2010-11 Uniform Standards of Professional Appraisal Practice (USPAP) — generally considered the performance and ethical standards for U.S. real property appraisers. Under the revised standards, subject appraisers must disclose any current or prospective interest in the subject property or parties involved. This latest USPAP also rewrites the competency rule for appraisers.
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Burden vs. benefit – Court weighs in on inaccessible ESI
May / June 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 870
Abstract: Attorneys increasingly face discovery requests for massive amounts of electronically stored information (ESI). Litigation parties generally aren’t required to produce ESI that isn’t “reasonably accessible,” but courts can nonetheless order production on a showing of good cause by the requesting party. When a defendant in one case complained that meeting the plaintiff’s request for archived e-mails would involve poring over 2,500 tapes at a cost of $1.5 million, the court relied on a Federal Rule of Civil Procedure to determine whether the plaintiff had good cause to order discovery. A sidebar discusses this court’s order regarding the discoverability of attorneys’ litigation hold letters.
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Ask the Advisor – Q. How should I handle compensation-related disparities in my merger?
April / May 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 457
Abstract: As this column explains, compensation may seem like a minor detail when buying or selling a company, but it can cause major headaches — particularly when the two companies’ compensation practices differ. The worst decision a buyer can make is to leave current compensation structures alone. But compensation decisions can be tricky because they usually require some tradeoff between cost savings and the pursuit of growth objectives.
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Combine and conquer – The big advantages of roll-ups
April / May 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 499
Abstract: Even the best-run middle-market companies eventually face size-related obstacles — including difficulty raising cash for strategic initiatives and an inability to negotiate better prices and terms with suppliers. A roll-up, where several smaller companies in the same or similar industries combine to form a larger company, can provide a solution. Roll-ups can result in an immediate increase in value. However, inattention to consolidation issues can lead to disaster, so companies should approach this strategy with caution.
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The name game: A critical acquisition decision you shouldn’t neglect
April / May 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 637
Abstract: Among the many decisions buyers must make after acquiring a company is the fate of that company’s name. The potential fallout from a name change — or, conversely, from keeping the name — means that careful thought and a sound strategy should go into the choice. A variety of options are available, but the best one rests largely on the purpose of the merger itself.
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Exercise caution when wading back into the M&A market
April / May 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 885
Abstract: Several key economic indicators suggest that the U.S. economy finally is turning a corner — which likely bodes well for the M&A market. However, the recession weakened many companies’ financial profiles, and business buyers will almost certainly be more risk-averse. Sellers need to walk a fine line between pouncing on what may appear to be a good offer and hanging back to mull over the options. A sidebar to this article explores whether it’s a good idea to seek seller protections in this buyer’s market.
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Fraud detection: Tools for uncovering billing schemes
Spring 2010
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 446
Abstract: Billing schemes rank among the most common types of occupational fraud, according to the Association of Certified Fraud Examiners (ACFE). But fraud investigators have several tools available to ferret out billing schemes, including data mining, ledger reviews, statistical sampling, and anonymous hotlines.
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Rebuttal reports bring a third opinion to the table
Spring 2010
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 631
Abstract: If the respective valuation reports of two parties are so far apart that an agreement seems unlikely, a third appraiser can provide another opinion in the form of a rebuttal report. Rebuttal experts streamline the appraisal process and reduce overall appraisal costs. Rebuttal reports also facilitate settlement by pinpointing differences and putting technical appraisal issues in more user-friendly language. But rebuttal reports come in many forms, and court procedural rules and professional appraisal standards provide little guidance on how to prepare written rebuttals.
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It’s complicated – Goodwill in divorce proceedings provokes much conflict
Spring 2010
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 850
Abstract: When a divorce includes a private business interest, expect a fight. Value is in the eye of the beholder, and valuation discrepancies are most common when a business has intangible assets. It’s not uncommon for judges to look to other jurisdictions for guidance. This article looks at how business value can be broken down into two pieces; how U.S. courts divide goodwill three different ways; and how many jurisdictions break down intangible value into two pieces. A sidebar discusses a Kentucky Supreme Court decision to include enterprise goodwill, but exclude personal goodwill, from marital estates.
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Mirror images – Court considers plaintiff’s access to defendants’ hard drives
Spring 2010
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 615
Abstract: The extent of access that parties should have to each other’s electronically stored information (ESI) continues to roil the courts. In one recent case, a court looked into whether a plaintiff could make “mirror images” of the defendants’ hard drives. The defendants made three arguments: 1) state law prohibited this disclosure of privileged health information; 2) “broad” search terms would surely “pull up” privileged information; and 3) state regulations didn’t authorize unrestricted direct access to the drives. But the court disagreed, citing evidence that raised an inference of the defendants’ improper conduct in handling the information.