Valuation/Lit. sup./Fraud/M&A
Showing 1297–1312 of 1569 results
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Putting a price on technology
March / April 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 487
Abstract: Valuing technology-related intellectual property (IP) can be an enormous challenge for lawyers and valuation experts. It considers the degree of legal protection associated with technology IP as well as the economic benefits a company is expected to derive from that protection. Typically, valuation experts analyze the various economic benefits associated with a technology IP asset separately, and will use different approaches depending on whether a patent is associated with developed technology, in-process research and development, or future technology. There are a variety of contexts in which the need to value technology IP can arise.
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Marketability discounts – Appraisers relying less on empirical study averages
March / April 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 824
Abstract: With the widespread availability of public market databases, spreadsheet software and other analytical tools, valuators are no longer relying solely on empirical study averages to determine marketability discounts. They’re now placing greater emphasis on how to identify what truly affects marketability and how to better match empirical data to the specific attributes of each subject company. However, though pre-IPO and restricted stock studies may be somewhat under siege, their data is still worthwhile. Research has generated several insightful hypotheses.
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Lost profits or lost value?
March / April 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 655
Abstract: Lost profits and lost business value are common measures of damages in commercial litigation. They’re also a common source of confusion. What do they have in common? How are they different? Can a plaintiff recover both? This article offers some answers. A basic understanding of the similarities and differences between lost profits and lost business value can help build a case for business damages or challenge an opponent’s calculations.
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Clues abound – The tax return as an investigative tool
March / April 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 919
Abstract: Tax returns can be a highly effective investigative tool in fraud and divorce cases, shareholder litigation, and other situations in which a defendant may have hidden assets. In fact, virtually every page of a tax return can provide clues to hidden assets. Income from wages, taxable refunds of state or local taxes, and retirement plan distributions are just a few of the items on a 1040 that a valuator will review. A sidebar to this article shows how to determine if a tax return is legitimate.
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Tiered valuation discounts: How low can you go?
March / April 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 353
Abstract: Valuation discounts can substantially lower the fair market value of gifted business interests. But business interest owners often inquire as to whether additional discounts apply when multiple layers of ownership exist. The answer is, maybe — if each entity exists for a bona fide business purpose. This brief article uses a landmark case, Astleford v. Commissioner, to examine the ramifications of tiered valuation discounts.
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Fine-tuning the value estimate — The importance of valuation adjustments
March / April 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 736
Abstract: An appraiser often makes adjustments to normalize companies’ earnings, removing all unusual, nonrecurring events from a company’s financial statements to reveal a clearer picture of the company’s normal operations. But what is normal? It depends. This article looks at the various adjustments an appraiser might make to achieve the appropriate basis of value.
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Rules of thumb are no substitute for the real
March / April 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 791
Abstract: Rules of thumb are simplified formulas that may be published in trade journals or passed along by word of mouth. These equations vary from industry to industry, and their simplicity can be appealing to business owners. But it is that very simplicity that can cause problems. This article looks at the potential pitfalls of using rules of thumb to determine the value of a business interest.
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Economic bust, litigation boom
March / April 2010
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 902
Abstract: The sluggish economy might not be the only scapegoat for lackluster business performance. Civil wrongdoings, such as breach of contract or negligence, also cause companies to lose money. This article explains how a financial expert uses the evidence to determine the appropriate damages theory to account for loss in a damages case. The article mentions several factors the expert considers, including financial projections, comparable data, and damages duration. It also lists several accepted methods for quantifying economic damages.
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Valuation reports are about more than numbers
March / April 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 711
Abstract: A lawyer receiving a business valuation report may find it tempting to go straight to the bottom line — the valuator’s estimate of the subject business. But properly written reports contain a number of useful components, such as a definition of the assignment; assumptions and limiting conditions; and valuation methodology. These elements can supply savvy attorneys with information that can be used to support damages and related arguments or to attack an adversary’s proposed valuation.
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Proving lost profits – Comparable comparables are critical
March / April 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 624
Abstract: Establishing lost profits, particularly for new businesses that haven’t yet compiled any historical financial data, can be extremely challenging. In such cases, courts sometimes rely on data from comparable businesses. But as a recent New Jersey appellate court case illustrates, true comparability between the businesses is critical. A restaurateur who chose to testify on damages himself, drawing on his prior experience in the restaurant business, learned that his two businesses weren’t as comparable as he’d thought.
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Insurance fraud: Is your client being scammed?
March / April 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 650
Abstract: Although businesses potentially can become victim to a variety of schemes intended to bilk insurance companies and workers’ compensation funds, on-the-job injury and property-casualty fraud are the most common. But there are specific clues that fraud experts use to uncover dishonest behavior. In addition to investigating workers’ comp or property-casualty claims, they can help prevent such fraud from occurring in the first place.
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E-mail evidence – How to build a fraud case with keyword searches
March / April 2010
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 650
Abstract: Typically, three conditions make occupational fraud possible: motivation, opportunity and rationalization (also known as the “fraud triangle”). By pinpointing the existence of such conditions, experts can better target their investigations. Recently, a team of fraud experts theorized that e-mail communication patterns could reveal a fraud perpetrator’s motivation, opportunity and rationalization. This article discusses the results of their research, while a sidebar explains the “fraud triangle” in detail.
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Ask the Advisor – Q: What does it mean to “buy a balance sheet”?
February / March 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 422
Abstract: In an uncertain economic climate, bank financing for strategic growth initiatives can be hard to find — even for financially healthy companies. Buyers having trouble attracting lenders could consider “buying a balance sheet,” or acquiring a cash- or asset-rich company it has little strategic use for to use as loan collateral. This strategy can not only benefit buyers, but also sellers with a decent cash reserve or significant liquid assets, who can then negotiate for a higher-than-market price and favorable deal terms.
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8 first-time seller mistakes
February / March 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 732
Abstract: If they’re not careful, business owners selling their first company can make serious mistakes that jeopardize the deal or result in a lower sale price. Selling successfully requires extensive advance preparation and strategizing. It’s important to avoid a number of mistakes, including incorrectly estimating the business’s value, misunderstanding the buyer’s motivation and revealing too much confidential information to the wrong buyer.
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Initial steps to integration success
February / March 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 668
Abstract: M&A deal participants usually focus their energy on such activities as pricing, due diligence and negotiations. Numerous studies and ample anecdotal evidence suggest, however, that poor integration is the most common reason that mergers fail to meet their objectives. Buyers need to get the process rolling before they tell employees or publicly announce the deal. It’s necessary to develop an “integration philosophy” and then form a team to implement a process consistent with that philosophy. Integration isn’t a monolithic task, but instead a collection of smaller, but critical, activities involving employees, management, technology, products and clients.
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Looking up – An economic recovery can be your selling opportunity
February / March 2010
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 795
Abstract: Although there’s some disagreement over whether the country’s recession is over, the future is finally beginning to look brighter for the M&A market. Corporate buyers and private equity funds that have bided their time building cash reserves are expected to re-emerge. For those who’ve been waiting to sell and are well positioned, this article shows how they might overcome financing barriers. A sidebar discusses how sellers can compete for the limited pool of prospective buyers.