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  • New study highlights use of crypto in fraud

    September / October 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 446

    Abstract: Every two years the Association of Certified Fraud Examiners (ACFE) publishes its Report to the Nations, which highlights key fraud trends. New to the study in 2022 were statistics on the role cryptocurrency plays in fraud. This article discusses these findings along with potential risks of using crypto for day-to-day business transactions.

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  • Discounting damages – A dollar today is worth more than a dollar tomorrow

    September / October 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 641

    Abstract: When calculating economic damages, financial experts must discount lost profits to their net present value. But a small difference in the discount rate can have a big impact on an expert’s conclusion. This article discusses how experts decide on the appropriate loss period and discount rate, based on market conditions and the risk of the business or product.

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  • Trapped-in gains: To discount or not to discount?

    September / October 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 582

    Abstract: When valuing a C corporation, a key issue is often whether it’s appropriate to apply a discount for trapped-in capital gains, even when a sale of the business (or its highly appreciated assets) isn’t imminent. This article summarizes a recent Louisiana Court of Appeals case that addresses when a discount may be appropriate — and explains why it was inappropriate in this case. Shop Rite, Inc. v. Gardiner, No. 21-0371 (La. App. Dec. 29, 2021).

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  • Buckley v. Carlock – Appellate court affirms “blue-sky” method for valuing car dealerships

    September / October 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 859

    Abstract: The Tennessee Court of Appeals recently affirmed a lower court’s application of the so-called “blue-sky” method to determine fair value in a shareholder oppression case. This article summarizes the details of the case and explains that courts are allowed to tweak generally accepted valuation methodology to achieve an equitable outcome under the fair value standard. A sidebar addresses the issue of recovery for attorneys’ fees by the prevailing party. Buckley v. Carlock, No. M2019-02294-COA-R3-CV (Tenn. App. Feb. 28, 2022).

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  • Don’t let fraud disrupt your M&A deal

    July / August 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 437

    Abstract: Due diligence is key when buying or merging with a business, especially in today’s volatile marketplace. This article discusses ways a forensic accountant can help a buyer vet the seller’s financial statements, projections and representations for errors, exaggerations — and even fraud.

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  • Appellate court overturns ruling based on “incompetent” valuation

    July / August 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 561

    Abstract: Weak valuation testimony may sometimes satisfy a jury. But it can come back to haunt clients on appeal. This article explains how a government agency learned that lesson the hard way in a recent Pennsylvania eminent domain case. State Route 00700, Section 21H v. Bentleyville Garden Inn, Inc., No. S-21-133 (Pa. Commonwealth Oct. 1, 2021).

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  • Factors to consider when selecting guideline companies

    July / August 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 635

    Abstract: When valuing businesses, experts often rely on the guideline transaction method. This technique derives market multiples from the market prices of controlling interests in companies that are engaged in the same or similar lines of business as the subject company. This article explains why careful selection of guideline companies and pricing multiples is critical to avoiding erroneous conclusions under this method.

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  • Bohac v. Benes Service Co. – Is the asset-based approach relevant for going concerns?

    July / August 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 836

    Abstract: The appropriate technique for valuing a business depends on a variety of factors, including the type of business, its plans for the future and the valuation’s purpose. This article summarizes a recent Nebraska Supreme Court ruling that called for an asset-based (or cost) approach to value a business that’s a viable going concern. A sidebar explains how the standard of value in dissenting shareholder cases usually differs from the IRS’s definition of fair market value. Bohac v. Benes Service Co., No. S-21-133 (Neb. Jan. 14, 2022).

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  • How business valuation pros can help when M&A talks stall

    May / June 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 443

    Abstract: A business valuation professional can help M&A parties work through their differences and eventually agree on a price. This article explains four ways that a valuator can help parties crunch the numbers and, ultimately, bridge the gap between the seller’s asking price and the buyer’s offer.

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  • Estate of Collins v. Tabs Motors of Valley Stream Corp. – Fixed-value provisions in buy-sell agreements need regular updates

    May / June 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 535

    Abstract: Buy-sell agreements are a critical tool for closely held businesses, and their valuation provisions play a significant role in how the agreements will play out when triggered. This article summarizes a recent New York case that teaches a valuable lesson about the importance of updating fixed-value provisions of buy-sell agreements — or choosing more prudent, alternate valuation methods. Estate of Collins v. Tabs Motors of Valley Stream Corp., No. 160529/2019 (N.Y. Sup. Ct. Dec. 15, 2021).

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  • Revealing and exorcising ghosts from the payroll record

    May / June 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 630

    Abstract: A phantom employee is someone who’s on a company’s payroll but doesn’t actually work for the company. This article explains the warning signs and tips to help businesses remove these ghosts from their books.

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  • Goodwill in divorce: Personal or enterprise?

    May / June 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 898

    Abstract: The handling of goodwill in divorce cases varies depending on the jurisdiction and case facts. This article summarizes a recent Tennessee Court of Appeals decision that provides an overview of the factors used to differentiate between personal and enterprise goodwill. A sidebar shows that it’s important to check your math when allocating nonbusiness marital assets. Cela v. Cela, No. 019-01861-COA-R3-C (Tenn. App. July 30, 2021).

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  • Are “calculations” of value admissible in court?

    March / April 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 440

    Abstract: The development and reporting requirements for a calculation are generally far less stringent than those that apply to a valuation. However, budget-conscious clients may request a calculation rather than a full-blown valuation. This article summarizes a recent Arizona divorce case, which demonstrates that, while calculation reports aren’t necessarily inadmissible, caution still is warranted. Larchick v. Pollock, No. 19-0649 (Ariz. App. Sept. 2, 2021).

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  • Yaquinto v. Thompson St. Capital Partners – Bankruptcy trustee falls short on transfer challenge

    March / April 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 625

    Abstract: In a recent fraudulent transfer case, flaws in the financial expert’s testimony proved to be a bankruptcy trustee’s Achilles’ heel. The trustee showed that the debtors transferred a property interest without receiving reasonably equivalent value. However, this article summarizes why the bankruptcy court concluded that the trustee didn’t meet his burden of proving the transfer was fraudulent. Yaquinto v. Thompson St. Capital Partners (In re Stone Panels, Inc.), No. 16-32856 (Bankr. N.D. Tex. Sept. 27, 2021).

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  • Using ESOPs to transfer ownership

    March / April 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 838

    Abstract: An employee stock ownership plan (ESOP) can facilitate the transfer of a business to the owner’s children or employees over a period of years in a tax-advantaged way. This article discusses how ESOPs differ from management buyouts, explains why a business valuation is essential and describes the potential costs. A sidebar explains why a federal district court recently rejected the government’s valuation of an engineering firm’s ESOP. Walsh v. Bowers, No. 18-00155 (D. Hawaii Sept.17, 2021).

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  • How to combat supply chain fraud

    March / April 2022
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 604

    Abstract: Supply chains in many industries have been under unprecedented stress over the last two years. When stress runs high, internal controls may fail to adapt to operational changes, leading to increased opportunities for fraud. This article explains how a strong system of internal controls, including routine risk assessments, can help companies fortify their defenses.

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