Valuation/Lit. sup./Fraud/M&A
Showing 1265–1280 of 1569 results
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Take control of subsequent events
July / August 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 390
Abstract: How do valuators handle an event that occurs after the valuation date, but before the report is published? Usually valuators consider only circumstances and events that exist or occur before and up to the valuation date. But subsequent events that were “known, knowable or foreseeable” on the valuation date are fair game. This brief article looks at Estate of Noble, a Tax Court case that draws an important distinction between subsequent events that affect value and those that provide evidence of value.
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Solving the puzzle — How to find the right-size discount or premium
July / August 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 668
Abstract: Valuation discounts and premiums can be difficult pieces to fit into the valuation puzzle. They may be somewhat subjective, and valuators may use methods that preclude the need to subtract discounts — or add premiums. This article explains how discounts and premiums relate to marketability and investor control and how valuators typically go about finding and supporting them.
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Exit stage right — A good exit strategy is worth applauding
July / August 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 731
Abstract: In these uncertain economic times, having a sound exit strategy — including a plan for passing on responsibility for running the company, transferring ownership and extracting money — can be a great help to those who take over the business. The optimal exit plan depends not only on the transfer scenario, but also on the owner’s personal needs and objectives. This article sets forth some common exit strategies and their pros and cons.
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No question: Onsite interviews provide value
July / August 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 894
Abstract: While financial statements, tax returns and Web sites provide some insight into value, the valuator gets the most complete picture by also physically touring the business’s facilities and speaking with managers face-to-face. This article discusses the areas often covered in an interview, which may include corporate culture and strategy, marketing and sales, and internal controls and governance. The article cites several recent cases that illustrate the importance of onsite interviews in generating credible value conclusions that stand up in court.
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When the M&A honeymoon is over
July / August 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 741
Abstract: Merger and acquisition (M&A) transactions are notoriously difficult to execute. In some cases, sellers and buyers engage in postclosing disputes over previous financial representations and the company’s selling price. A financial expert with M&A experience can help with areas of dispute — such as earnout provisions — and help attorneys draft discovery requests to uncover audit workpapers, consultants’ reports and other documents that shed light on the target’s accounting policies and practices.
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Time to tighten internal controls
July / August 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 552
Abstract: The recent economic downturn has provided ideal conditions for occupational fraud. Now more than ever, companies need a forensic expert to perform a fraud risk assessment. Forensic experts typically start their risk assessment with five steps recommended by the Association of Certified Fraud Examiners. This often results in recommendations for internal control upgrades, many of which can be simple and inexpensive.
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The future is now – Court debuts electronic discovery program
July / August 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 655
Abstract: In 2009, the Seventh Circuit Court of Appeals launched a program that points the way to some potentially significant changes in the discovery process. The goal of the court’s Electronic Discovery Pilot Program is to reduce litigation costs and time brought on by the widespread use of electronically stored information (ESI). The initial set of guidelines requires that litigation participants address and resolve ESI issues early in the process.
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Partial ownership interests – New guidelines shed light on the valuation process
July / August 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 780
Abstract: Business valuators are often retained to value partial ownership interests. In 2009, the American Society of Appraisers adopted nonbinding procedural guidelines to describe the considerations and procedures that may be used to value partial interests in businesses, securities, and other tangible or intangible property. This article looks at the relevant factors in such valuations, while a sidebar lists items that should be considered in an analysis of the expected holding period for an investment.
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Ask the Advisor – Q. What is a reverse merger and when is it appropriate?
June / July 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 468
Abstract: Reverse mergers allow privately owned companies to merge with an existing (but typically dormant) public company and issue publicly traded stock on behalf of the merged entity. Since the U.S. economy nosedived in late 2008, reverse mergers have declined in popularity, but they began climbing again in the fourth quarter of 2009. Companies that want to go public but are put off by the cost of an IPO, or have been shut out of the tight credit market but require new capital, might consider a reverse merger. There are three basic steps to pursuing one.
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Seller’s endgame – It’s not over ’til it’s over
June / July 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 584
Abstract: Once a business seller has found a buyer, negotiated a fair price, and is in the process of completing any regulatory or legal requirements, it may seem that the deal’s essentially done. Not quite. Sellers have several final goals they must accomplish before they hand off the company for good. Most deals require them to perform last-minute paperwork, initiate long-term planning and prepare employees for the transition. There’s also the issue of whether and under what conditions seller management will stay on.
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The other part of the due diligence story
June / July 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 667
Abstract: In the due diligence process, financial and legal documents are central to understanding any company’s story. But buyers also must investigate their target’s operations to uncover potential deal-breaking issues. Operational due diligence generally can be divided among three key areas — marketing and sales, production, and administration — and this article lists some of the more important documents to request from the seller.
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Middle-market M&A has wind in its sails
June / July 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 751
Abstract: Buyers are beginning to look for acquisition targets again, and strategically positioned middle-market companies are likely to be the big winners in a resurgent M&A market. But middle-market sellers should expect buyers to perform more thorough due diligence. Sellers, therefore, need to devote extra care to this stage. A sidebar to this article explores whether strategic or financial buyers are expected to play a greater role in the year ahead.
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Guidance issued on valuation of partial interests
May / June 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
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: Valuation & Litigation Briefing / Litigation & Valuation Report
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 caseillustrates 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: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 741
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: Valuation & Litigation Briefing / Litigation & Valuation Report
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.