Valuation/Lit. sup./Fraud/M&A

Showing 1489–1504 of 1557 results

  • Show me the money! – Net worth analysis can reveal hidden assets

    July / August 2008
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 522

    Abstract: Uncovering hidden assets can be important in a variety of litigation contexts, including fraud investigations, shareholder disputes, divorce and business valuations. One of the most effective techniques for demonstrating the existence of such assets is net worth analysis. This article looks at how net worth analysis works and explains the three primary methods experts typically use to detect hidden assets, including the asset method, the expenditures method and the bank deposits method. (Updated 8/29/12)

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  • Music promoter wins “record” damage award

    July / August 2008
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1054

    Abstract: This article discusses a recent case, Popovich v. Sony Music Entertainment, which illustrates the benefits and pitfalls of using a hypothetical market standard to determine damages. As the case demonstrates, a party that loses an asset through the fault of another shouldn’t be deprived of damages simply because no ready market for that asset exists. The article notes that attorneys should work with their financial experts to develop alternative theories, including a hypothetical market standard, for quantifying a party’s financial loss.

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  • Valuing manufacturing companies – How experts appraise these asset-intensive businesses

    July / August 2008
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 995

    Abstract: When valuing manufacturers, appraisers consider these companies’ specific characteristics to reach a reliable estimate of value. Most valuators use one or some combination of the income, market or cost approaches. But regardless of which method or methods they use, valuators need to take into account the hard — and intangible — assets, the efficiency and skill of the workforce, and industry trends and risks. (Updated 5/21/12)

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  • Taxpayer scores eleventh-hour victory in capital gains case

    Summer 2008
    Newsletter: Valuation Concepts

    Price: $225.00, Subscriber Price: $157.50

    Word count: 629

    Abstract: Although courts are increasingly permitting built-in capital gains discounts for C corporations, exactly how to quantify such a discount remains unclear. In this issue’s “For what it’s worth: Valuation in the courts,” we look at a recent case that sheds some light on this ongoing issue and provides a succinct review of relevant case law. Citations: Estate of Frazier Jelke III v. Commissioner, U.S. Court of Appeals for the 11th Circuit, No. 05-15549, November 15, 2007. Estate of Dunn, 301 F.3d. 339, 2002.

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  • Today’s appraisers bring various credentials to the table

    Summer 2008
    Newsletter: Valuation Concepts

    Price: $225.00, Subscriber Price: $157.50

    Word count: 783

    Abstract: Many business owners and attorneys often find themselves overwhelmed by the many acronym-heavy credentials associated with the ever-growing pool of qualified appraisers. Understanding these credentials, and the standards that create them, can help business owners and attorneys not only choose the right appraiser, but also better understand the final work product produced. This article describes some of the more common valuation credentials.

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  • No business operates in a vacuum – How current and prospective economic conditions affect value

    Summer 2008
    Newsletter: Valuation Concepts

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1095

    Abstract: Try as it might, no management team can control every factor that affects a company’s success or failure. Outside forces, such as government regulation, global competition, interest rates, labor supply and tax policy, may all influence the organization’s estimated value. In other words, no business operates in a vacuum. This article discusses an appraiser’s role in this context: to size up current and prospective economic conditions and synthesize them into a meaningful value estimate. (Updated 11/14/12)

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  • Taking a red pen to financial statements – Adjustments a must for many private business valuations

    Summer 2008
    Newsletter: Valuation Concepts

    Price: $225.00, Subscriber Price: $157.50

    Word count: 715

    Abstract: Financial statements are an important source of valuation data, but they tell only part of the story. An accurate appraisal hinges on a comprehensive understanding of the subject company’s relative performance and earnings power. This article explains how, to clarify matters, an appraiser often makes various financial statement modifications, including nonrecurring, normalizing, control and balance sheet adjustments. (Updated 2/7/12)

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  • Give your appraisal a dose of reality

    July / August 2008
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 500

    Abstract: Before valuators finalize their conclusions, they step back and ask, “Would this number make sense in the real world?” Experts typically rely on their professional experience to answer this question. But they may also turn to various sanity checks. This brief article lists some sanity checks valuators may turn to, including industry rules of thumb, the justification of purchase (JOP) test and other sources of supplemental data.

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  • Buy-sell agreements in divorce — Having good advice is key

    July / August 2008
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 671

    Abstract: Dissolving a marital estate that includes a private business interest can be fraught with complications. One of the first steps is to disclose and reconcile all relevant valuation evidence, including buy-sell agreements. The buy-sell provisions of partnership or shareholder agreements are intended to protect ownership interests. But they may come back to haunt owners or their spouses later in divorce. This article discusses a recent case that illustrates the importance of both spouses having expert valuation advice to help navigate the ins and outs of these agreements in a marital dissolution case.

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  • What you see may not be what you get — Making complex valuation adjustments

    July / August 2008
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 877

    Abstract: The process of valuation often requires adjustments to ensure the final numbers make sense for a particular company. Adjustments can affect how a valuator applies the cost, market and income approaches. So, it’s imperative to consider their impacts throughout the valuation process. This article explains the different categories of adjustments, using examples to illustrate their effects on value. It notes that, because discrepancies between two expert opinions can occur, expertise is key in applying the appropriate valuation adjustments.

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  • Daubert study highlights expert witness vulnerabilities

    July / August 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 779

    Abstract: Since the U.S. Supreme Court’s 1999 decision in Kumho Tire v. Carmichael extended the Daubert criteria for admissibility of expert scientific testimony, federal and state courts have heard more challenges to financial expert testimony. A PricewaterhouseCoopers study of post-Kumho challenges to financial experts from 2000 through 2006 identifies trends that attorneys may be able to leverage when submitting expert testimony. This article talks about the study’s findings and how they can be used to prevent expert testimony from being excluded.

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  • Why proper training and experience are essential in an expert

    July / August 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 627

    Abstract: This article discusses a recent tax court decision, Estate of Thompson v. Commissioner, and how it serves as a reminder that attorneys and their clients can’t afford to cut corners when selecting experts. Specifically, choosing experts based on criteria other than their experience and expertise with the specific matter at hand may fail to demonstrate reasonable cause and good faith.

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  • Ask the Advisor – Q: What is a fairness opinion and do I need one?

    June / July 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 490

    Abstract: This column explains how a fairness opinion assesses whether a transaction is fair to shareholders and others involved by comparing the deal with similar ones and evaluating any meaningful differences. Although buyers and sellers use these opinions to shield themselves from shareholder lawsuits, the article cautions that they are not foolproof against litigation, nor do they necessarily reflect the full value of a proposed deal.

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  • Focus on the future – Anticipating acquisition success with strategic due diligence

    June / July 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 600

    Abstract: Sometimes buyers conduct due diligence too quickly — or too narrowly — and focus only on a company’s historical performance, rather than on how it’s likely to perform once the deal is complete. For an advance look at an acquisition’s potential success or failure, buyers should consider conducting strategic due diligence. This includes looking closely at the health of a company’s market, its customer loyalty, competitive positioning and management effectiveness. (Updated 9/27/12)

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  • New accounting rules may affect your M&A deal

    June / July 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 899

    Abstract: New accounting rules issued by the Financial Accounting Standards Board (FASB) could require M&A participants to perform more extensive valuation work. They might also increase costs and lengthen the negotiation process. This article explains how the rules require buyers to scrutinize certain provisions in some transactions, report transaction fees differently, provide more upfront recognition of deal contingencies, and even terminate some marginal deals.

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  • The journey ahead – Map out succession, retirement and estate plans before you exit your business

    June / July 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 960

    Abstract: To ensure a smooth exit from the workplace, business owners must establish their retirement and estate plans well before they’re ready to sell or transfer their business. And if they don’t already have a succession plan, it’s essential to do that now to ensure the future success of the company and its employees. This article lists issues owners should consider to ensure they’ve protected their own financial security, heirs and the business they’ve built.

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